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>A plunge in spot iron ore prices moves British-Australian miner Rio Tinto to adjust the terms of its sales contracts in China
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A plunge in spot iron ore prices moves British-Australian miner Rio Tinto to adjust the terms of its sales contracts in China
Chinese manufacturing activity hit a five-month high on 24 October. The report in the HSBC purchasing managers index buoyed the Australian dollar to a six-week high: its strongest level against the US dollar since 12 September. Matthew Johnson, an interest rate specialist with the Swiss financial services company UBS, told Jason Cadden of the Sydney Morning Herald that the rally in the Australian dollar was also helped by news from the US. This was the report that President Barack Obama will tackle an American housing crisis by means of new rules to ease refinancing for homeowners with little or no equity in their property.
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