Molten nickel is poured at Nadezhda Metallurgical Plant of the Norilsk Nickel company in the Arctic city of Norilsk January 23, 2015.
Molten nickel is poured at Nadezhda Metallurgical Plant of the Norilsk Nickel company in the Arctic city of Norilsk January 23, 2015. Russia's Norilsk Nickel , the world's largest nickel and palladium miner, has started pilot operations at its Arctic-based Talnakh concentrator plant after the first stage of an upgrade to improve productivity. Picture taken January 23, 2015. REUTERS/Polina Devitt
  • In US economic data, durable goods orders increased by a healthy 3.4% in June. Non-defence capital goods orders excluding aircraft - a closely watch proxy for business spending plans - increased by 0.9% in June. The Dallas Fed manufacturing activity index improved from -7.0 to -4.6 in July.
  • European shares fell for the fifth straight session on Monday. Fears of a further rout on Chinese stock markets overshadowed earnings results, after the Shanghai composite index fell 8% - its biggest one-day loss in eight years. Sectors exposed to China were the worst hit. The European auto sector fell 2.8% while the industrial goods sector lost 2.4%. The slide in oil prices added to the weakness with the energy sector losing 2.5%. The FTSEurofirst 300 fell by 2.2% with the German Dax down by 2.6% while the UK FTSE was lower by 1.1%. In London trade mining shares were mixed with BHP Billiton up by 0.6% while Rio Tinto fell by 0.3%.
  • US sharemarkets fell on Monday as the slide in Chinese stocks markets increased concerns that it could lead to a slowdown in Chinese growth. Nine of the 10 major S&P 500 sectors were lower, with the energy index leading the declines, down 1.7%. Investors also waited on the FOMC meeting which takes place over the next two days. The Dow Jones fell by 128 points or 0.7% with the S&P 500 down by 0.6% while the Nasdaq lost almost 49 points or 1%.
  • US treasury prices rose on Monday (yields lower) as investors sold out of equity markets and moved into safe-haven US government bonds. US 2 year yields fell by 3 points to 0.65% while US 10 year yields were down by 4 points to 2.22%.
  • Major currencies were mixed against the greenback in European and US trade. The euro rose from lows near US$1.1000 to highs near US$1.1125 and ended US trade at US$1.1090. The Aussie dollar fell from highs near US73.25c to lows around US72.70c and ended US trade near US72.75c. And the Japanese yen lifted from near 123.45 yen per US dollar to JPY123.00, ending US trade around JPY123.25.
  • World oil prices fell on Monday to 4-month lows on concerns about the health of the world's biggest energy consumer. The lift in US rig count last week and anticipated lift in Middle East oil supply added to the selloff. Brent crude fell by US$1.70 or 3.1% to US$52.92 a barrel while US Nymex crude fell by US75c or 1.6% to US$47.39 a barrel.
  • Base metal prices fell up to 2.4% on the London Metal Exchange on Monday with the exception of Tin (up 2%). Nickel fell the most. The Comex gold futures price rose by US$10.90 or 1% to US$1,096.40 per ounce. Iron ore rose by US70c or 1.4% to US$51.40 a tonne on Monday.

Ahead: In Australia, no major economic data is scheduled. In the US, consumer confidence and the Richmond Fed manufacturing index are released.

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