Bell Potter

Overnight: US stocks turned higher, lifting the S&P 500 to an intraday record, with some observers pinning the positive reversal on hopes about Janet Yellen's testimony at a Senate confirmation hearing. Treasury prices rallied ahead of an auction of 10-year notes, with investors bidding up the safety of the government debt market after a recent selloff. Prices for copper, were poised for their lowest close in more than 3months on concerns about Chinese economic growth, while gold futures managed a modest rebound from recent losses. Oil futures ticked higher. European markets traded lower, as investors worried that the Bank of England will hike rates sooner than previously expected after the central bank in its quarterly inflation report sounded more optimistic about the labor market. London BHP down 1.88%. Rio down 2.22%. New York BHP down 0.58%. Rio down 1.14%. LME Base metals traded mixed.


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