Overnight: US stocks turned lower giving up opening gains that followed a surprise interest-rate cut in Europe and a better-than-expected estimate on US...

Bell Potter

Overnight: US stocks turned lower giving up opening gains that followed a surprise interest-rate cut in Europe and a better-than-expected estimate on US economic growth. Treasury prices gained after US economic data came in largely positive and the ECB unexpectedly lowered interest rates. Gold futures tumbled and oil prices saw sharp losses, pressured by a rally in the dollar following a surprise rate cut by the ECB as well as ample US crude inventories and easing concerns over Iran as the nation held talks with the West over its nuclear program.European stock markets rallied with the benchmark index touching its highest level for more than 5years, after the ECB unexpectedly cut its key lending rate to a record low. London BHP down 1.90%. Rio down 1.87%. New York BHP down 0.93%. Rio down 1.89%. LME Base metals pushed slightly lower.


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