Local stocks are poised to sharply lower amid growing tensions between the West and Russia, while the price of iron continues to rebound after losses earlier this week, overnight gaining another 3.8%.
• Iron ore jumps 3.8% to $US111.50 per metric tonne.
Spot iron ore prices pulled further away from 17-month lows as some buyers returned to the market after an 8 percent slide earlier this week, but traders and mills were wary that a sustained recovery could remain elusive.
What happened yesterday
Australia’s biggest miners led the sharemarket higher after getting a boost from a stronger iron ore price. The S&P/ASX200 Index rose 28.4 points, or 0.53 per cent, to 5412.6.
