Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

Benchmark futures in Singapore plunged as much as 7 percent to $82 a ton, albeit in thin overnight action, before trading 4.7 percent lower at $84 by 3:04 p.m. The fall comes after prices broke above $90 last week, capping a 20 percent-plus surge over the past fortnight. On the Dalian Commodity Exchange, iron ore futures fell 2.8 percent, after closing limit-up Monday to their highest since March 2017 as Chinese traders played catch-up following the Lunar New Year break. “If there are no more additional closures or planned closures in Brazil, then there may be some kind of price correction,� Richard Lu, analyst at CRU Group in Beijing, said by phone.

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Iron Ore Futures Tumble in Singapore as Vale-Driven Rally Frays

The Global Iron Ore Crisis: What's Next in Four Charts

Since the initial incident in Brazil in late January, the top producer has announced supply cuts of as much as 70 million tons, although it’s said it will try to offset some lost production. The mainland has a very substantial ore-mining industry, but production has been hurt in recent years as the content is lower-grade and higher-cost than foreign supplies, and Chinese producers have been the target of a strict environmental clampdown.

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The Global Iron Ore Crisis: What's Next in Four Charts

Trump tax cut talk, Chinese data spur risk rally

By Vikram Subhedar LONDON (Reuters) – European shares rose to within striking distance of their highest levels in more than a year on Friday while the dollar was buoyant as investors cheered upbeat Chinese trade data and hopes of business-friendly tax cuts in the United States. President Donald Trump said on Thursday that in coming weeks he would announce something “phenomenal” in terms of tax although he offered no further details. Renewed speculation that Trump's economic policies will help boost economic growth and inflation pushed U.S. Treasury yields higher and lifted the dollar.

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Trump tax cut talk, Chinese data spur risk rally

Euro, European bonds unnerved by French political jitters

European financial markets struggled with growing economic and political concerns on Tuesday as the euro neared its biggest fall this year and bond yield spreads over Germany reaching the widest in several years. The dollar sped higher toward its biggest gain in a month against a basket of major currencies after jumping against the offshore Chinese yuan on the fall in Beijing's foreign exchange reserves below $3 trillion for the first time in six years. European corporate earnings offered investors some cheer even though oil giant BP missed estimates, but failed to completely shrug off the unease fueled by the growing unpredictability of the French presidential election race.

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Euro, European bonds unnerved by French political jitters

Fiat Chrysler reiterates diesel vehicles fully compliant

Fiat Chrysler reiterated its diesel vehicles were fully compliant with applicable emissions requirements, a spokesman said on Tuesday after the French authorities referred the carmaker's case for possible prosecution. The FCA spokesman added the group had not yet been informed of the facts behind the French allegations, but looked forward to having the opportunity to respond.

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Fiat Chrysler reiterates diesel vehicles fully compliant

White House memo confuses Wall Street on fate of fiduciary rule

WASHINGTON/NEW YORK (Reuters) – Conflicting signs from the White House have left brokerage firms and lobbyists unsure whether a controversial rule governing retirement advice will ever be put in place, but they are taking no chances and complying anyway. President Donald Trump's Friday memorandum ordered the Labor Department to review the so-called “fiduciary” rule, which requires brokers to put their clients' interests first when advising them about 401(k) plans or individual retirement accounts. Trump's memo did not go as far as White House early guidance to reporters that the memo would ask the department to “defer implementation” of the rule.

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White House memo confuses Wall Street on fate of fiduciary rule

U.S. lobby says China protectionism fuelling foreign business pessimism

More than 80 percent of members of a U.S. business lobby in China say foreign companies are less welcome than in the past, a survey released on Wednesday showed, with most saying they have little confidence in China's vows to open its markets. The American Chamber of Commerce in China's annual survey reinforces growing pessimism in the foreign business community, as it grapples with a slowing Chinese economy and complains of increasing protectionism. The chamber's report comes a day after China's President Xi Jinping gave a speech at the World Economic Forum championing open markets, and Beijing unveiled proposals to reduce restrictions on foreign investment in China.

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U.S. lobby says China protectionism fuelling foreign business pessimism

Oil rises on weaker dollar, U.S. production outlook caps gains

By Naveen Thukral SINGAPORE (Reuters) – Oil prices rose on Wednesday with a weaker dollar underpinning the market, although gains were limited by expectations that U.S. producers would boost output. U.S. West Texas Intermediate (WTI) crude oil futures were trading up 22 cents at $52.70 per barrel at 0742 GMT. Brent crude futures, the international benchmark for oil prices, were up 23 cents $55.70 a barrel.

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Oil rises on weaker dollar, U.S. production outlook caps gains

Deutsche Bank sees fourth quarter pretax impact of $1.2 billion from DoJ civil penalty

Deutsche Bank expects a negative impact of $1.2 billion on its fourth-quarter pretax profit from a civil monetary penalty of $3.1 billion agreed with the U.S. Department of Justice, its chief executive said in a message to staff. Germany's biggest bank on Tuesday finalised a $7.2 billion settlement with the DoJ over its sale of toxic mortgage securities in the run-up to the 2008 financial crisis, which also included $4.1 billion of consumer relief.

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Deutsche Bank sees fourth quarter pretax impact of $1.2 billion from DoJ civil penalty

Asia stocks hover near three-month highs; sterling in spotlight

Asian stock markets stabilized near three-month highs on Wednesday, helped by Hong Kong and Chinese shares, as investors judged U.S. President-elect Donald Trump's concerns over a stronger dollar to be beneficial to some of the regional bourses. Short-covering also helped, especially in China , which tumbled more than 4 percent last week, as traders took some money off the table before Trump's inauguration on Friday. In Asia, MSCI's ex-Japan Asia-Pacific shares index rose 0.4 percent, just shy of a three-month high hit last Thursday.

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Asia stocks hover near three-month highs; sterling in spotlight