Australia’s central bank said a period of steady interest rates is likely as record-low borrowing costs and a weaker currency aid growth and it monitors prices after a surprising acceleration in inflation.
Iron ore stockpiles in China, the world’s biggest buyer, climbed to a record as traders increased imports to use the steel-making raw material as collateral for credit and domestic demand remained weak.
Iron ore sales to China from Australia’s Port Hedland climbed 27 percent in January from a year earlier as miners increased output and the biggest buyer boosted inventories to the highest level in 16 months.
U.S. employers probably added more than twice as many workers to payrolls in January than the prior month while the jobless rate held at a five-year low of 6.7 percent, data in the coming week may show.
Iron ore shipments from northern Australia, the world’s biggest exporter, and some offshore oil drilling were halted as a cyclone forecast to bring gusts topping 200 kilometers (124 miles) an hour nears the coast.