Markets Live: Iron ore at 5-year low

The world’s largest economy, which began recovering in July 2009, may continue growing for five years or more, making it the longest period of expansion, Morgan Stanley said. 9:05am: Shares are poised for a cautious start with a weak lead from Wall St and after the price of iron ore dropped further to match a two-year low, while AMP and BHP trade ex-dividend and GDP growth data for the June quarter is released. • AUD at 92. 80 US cents, 97. 54 Japanese yen, 70. 67 Euro cents and 56. 32 British pence. • On Wall St, S&P 500 -0. 1%, Dow -0. 2%, Nasdaq +0. • In Europe, Euro Stoxx 50 +0. 2%, FTSE +0. 1%, CAC -0. 03%, DAX +0. • Iron ore falls 0. 5% to $US86. • Spot gold slips 1. 6% to $US1265. • Brent oil down 2. 4% to $US100. • Australia: Q2 GDP data at 11:30am AEST; RBA governor speech to CEDA in Adelaide at 1:20. • China: non-manufacturing PMI at 11am; HSBC services PMI at 11:45am. • US (overnight): auto sales, Beige Book. • A number of stocks trade ex-dividend: AMP, BHP, ASX, Beach Energy, Iluka, Mineral Resources, Mermaid Marine, Nine Entertainment, Pact Group, Qube, Sky Network, Seven West Media, WorleyParsons. • Deutsche Bank upgraded Perpetual to “buy” and has a $49. 90 a share price target on the stock. • Hartleys Research has retained an “accumulate” on Atlas Iron and a 12-month price target of 64¢ as it lowers its iron ore price assumptions in line with recent sell-side consensus. 9:05am: Good morning and welcome to the Markets Live blog for Wednesday.

Read more here: SMH


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