Iron ore stages freakish rally: What you need to know before markets open

North American stocks are fizzling this morning after ending last week with the best winning streak of the year.

North American markets look set for a lesser open today after the S&P 500 logged its first four-day winning streak since October and the Dow closed above 17,000 on Friday the very first time since early January.

European stocks fell like a stop by copper prices hurt shares of mining companies. Asian stocks hit two-month highs after China’s reassurances over the weekend about its economic health calmed investor nerves.Copper and zinc prices fell from four-month highs, hurt with a stronger dollar and investors booking profits from the rally.Iron ore soared probably the most ever after Chinese policy makers signaled their willingness to buttress economic growth, boosting the outlook for steel consumption within the top user and igniting speculation that some investors who’d bet from the market had been trapped.U.S. stocks closed higher on Friday after employment data suggested the economy was recovering, but wasn’t sufficiently strong for an immediate increase in rates of interest.Investors could keep an eye on comments by Fed Board Governor Lael Brainard and Vice Chair Stanley Fischer, who are scheduled to speak at separate events on Monday, for clues on the central bank’s take on the economy.
 ? Thomson Reuters 2016

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