COMMODITIES

Overnight we saw rising US share indices and a strengthening dollar.

US and European equities are up again on reports President Trump is delaying auto-tariffs due to kick in this weekend.

Reflecting the sustained strength in iron ore prices, NAB’s Non-Rural Commodity Price Index is forecast to increase by 0.4% qoq.

In Europe they’ve nicknamed last night as ‘Turnaround Tuesday as stocks regained much of their losses.

Stocks, currencies, bonds and commodities have all felt the impact as China responds to US tariffs.

Overall, the NAB Rural Commodities Index rose 1.1% in April, largely reflecting higher cattle, lamb, dairy and cotton prices, offsetting further declines in grain.

The US President has threatened further tariffs on China over the weekend, on top of those imposed on Friday.

The imposition of tariffs by the US on Chinese imports is just hours away.

US equities have partially reversed their declines.