After three straight days of hard declines in New York, the next few hours will reveal whether the bleeding will continue overseas.
Australia, for one, is expected to open sharply lower according to the Sydney Morning Herald, based on action in the futures market.
Just like everyone else, Australians are worried about two things: Obama’s new regulations, and China, though you have to figure the latter, given its thirst for Australian natural resources is the real issue for them.
Given China’s resource and production overcapacity, it won’t take much for demand for Australian iron ore to drop to a trickle.
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