Bell Potter

Overnight, US stocks pulled back, catching their breath after the Dow industrials scored another record close on Monday. The market was feeling some pressure from Fed officials warning about a potential stimulus reduction, as well as from a worse-than-expected reading on small-business sentiment. Treasury prices slipped after an auction of 3yr notes, pushing yields to 2mnth highs in a continuation of last week's climb. Gold futures declined as the latest comments from Fed officials imply that the central bank may decide to taper its monetary-stimulus program as early as next month. Oil futures retreated as forecasts for increases in US supplies and production helped prices fall back below $95 a barrel. European stock markets closed mostly lower, spurred by weakness in the banking and commodity sectors. London BHP down 0.79%. Rio down 0.21%. New York BHP down 1.59%. Rio down 1.30%. LME Base metals pushed lower across the complex.


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