Hey! I Know May Stole The Show But Don’t Forget Iron Ore Is Collapsing

Well, needless to say, Theresa May stole the overseas spotlight this morning when, just after 6 am EST, she called for snap elections in the UK. That triggered a knee-jerk move higher in GBPUSD and a concurrent jump in gilt yields: But it was a sharp move lower in iron ore that weighed on risk sentiment overnight as futures dropped 3.7%, following a nearly 2% move lower on Monday. As Bloomberg notes, "the raw material for steel-making entered a bear market this month as a procession of anal