ASX to fall, oil and iron ore drop

News Snapshot:

Pinned post – 7.22AM Australian shares are poised to fall, tracking a mixed Wall Street after US manufacturing data disappointed, while a tumble in iron ore and falling oil prices will also weigh on sentiment. ASX futures are down 12 points, or 0.2 per cent, to 7469 near 7.30am AEDT. Iron ore in Singapore plunged 4.2 per cent to $US110.65 a tonne. In a note, Marex said the drop reflected “continued stock builds onshore [in China] as shipments increase and with sluggish downstream consumption”. Separately, oil prices dropped below $US79 a barrel after OPEC surprised by signalling it will lift...