The major mining stocks had a volatile session today after the iron ore price posted its biggest one-day fall in four years overnight. After a nine-percent fall yesterday, Fortescue metals managed to close the session just down a tenth of a percent. And after a six-percent slump yesterday, Rio Tinto added around one percent by the end of trade. The broader Australian sharemarket has ended the day flat, banking stocks offsetting losses in the mining sector.  Across the region, markets are on the way up. And the Australian dollar is holding above 90 US cents.

 

The National Australia Bank's monthly business survey shows a sharp deterioration in business conditions in February, largely thanks to manufacturing and trading conditions.  Conditions forward three-year high in January, but have now given up much of those gains made since the last year's federal election.  Business confidence fell in the survey, but far less and remains largely above its average long-run term trend.