Iron ore futures surged 10% in Asian markets, extending last week’s rally, as China introduced more stimulus measures to combat its sluggish economy. The People’s Bank of China has ordered banks to lower mortgage rates by the end of October, while top-tier cities like Guangzhou and Shanghai have eased home purchase restrictions. Singapore’s November iron ore futures topped $110 a ton for the first time since July. This move led to gains in mining stocks, with BHP rising 2.7% to $45.96, Rio Tinto up 1.3% to $129.13, and Fortescue Metals climbing 2.9% to $20.68.
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