Markets Live: Iron ore stumbles

Economic reports in the US were mixed, with fewer new US homes sold in June than forecast while jobless claims unexpectedly fell. 9:06am: Local shares are getting little direction from Wall Street, which has ended narrowly mixed on a day when better than expected earnings were offset by several key misses. • AUD at 94. 15 US cents, 95. 88 Japanese yen, 69. 94 Euro cents and 55. 44 British pence. • On Wall St, S&P 500 +0. • In Europe, Euro Stoxx 50 +0. 8%, FTSE +0. 3%, CAC +0. 8%, DAX +0. • Spot gold fell 0,9% to $US1292. • Brent oil down 0. 9% to $US107. • Iron ore slipped 0. 7% to $US93. • IMF earlier this morning released a revised global economic growth forecast. • Monadelphous cut to sell vs hold at Deutsche Bank; price target $13. • Woodside Petroleum chief executive Peter Coleman is drumming up investor support for the contested buyback of part of the Royal Dutch Shell shareholding in a bid to head off a potential shareholder revolt. • CommSec notes that the Australian profit-reporting season has begun.

Read more here: SMH


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