Markets Live: Iron ore slumps

Bluescope reported a 10 per cent lift in revenue to $7. 98 billion for the year. 9:09am: With a weak lead from Wall Street, local investors will be awaiting fresh corporate results after iron ore slumped on Friday night. • SPI futures slid 10 points, or 0. • AUD at 92. 99 US cents, 96. 93 Japanese yen, 70. 41 Euro cents and 56. • On Wall St, S&P 500 -0. 2%, Dow -0. 2%, Nasdaq +0. • In Europe, Euro Stoxx 50 -0. 8%, FTSE -0. 04%, CAC -0. 9%, DAX -0. • Iron ore tumbles 2% to $US90. • Spot gold up 0. 3% to $US1280. • Brent oil down 0. 3% at $US102. 29 per barrel. • Shaw Stockbroking has a “buy” recommendation on Mermaid Marine, which it rates as “high risk” with a price target of $3. 20 a share. • Morningstar has a “hold” recommendation on Trade Me following the release of its full year results for the financial year ended June 30, 2014, and expects the share price to reach a fair value of $3. 60. • Macquarie Research has a positive take on Village Roadshow saying the stock will “outperform” in the next 12 months.

Federal Reserve chair Janet Yellen said slack remains in the labour market while European Central Bank chief Mario Draghi said policy makers are ready to add more stimulus. “The news out of Ukraine took a little bit more of the headlines today,” Joe Bell, senior equity analyst at Cincinnati-based Schaeffer’s Investment Research, said. “We see bad news ahead of the weekend after a week of gains, and we see that investors are reacting by taking profits off the table. 9:18am: Private health insurer NIB said its full-year net profit after tax rose 4 per cent to $69. 9 million, despite a lower operating profit in its Australian residential business which was hit by high claims for medical care.

Read more here: SMH


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