ASX to open lower; miners shield ASX from trade war

News Snapshot:

An unexpected revival in iron ore prices is helping cushion the Australian sharemarket from US President Donald Trump’s latest tariff shocks, propelling a rotation away from Commonwealth Bank and into the major miners. Iron ore futures in Singapore rallied around 4 per cent last week to $US99.50 a tonne, sealing a third straight weekly gain – its best run since January. BHP shares have surged 10.4 per cent over the past three weeks, while Rio Tinto has jumped 9.1 per cent and Fortescue 16.8 per cent. That has come at the expense of Commonwealth Bank, which is down 2.6 per...