Miners rock as banks lick wounds

Even though the iron ore spot price slumped yesterday, down almost 15% from its recent peak, the weaker USD trend as the Fed signals a more dovish tone has sent commodity stocks soaring. Last night on London markets, both BHP and Rio Tinto gained more than 6% for the session, which has translated into near 3% gains locally:

Fortescue is clawing back too, up nearly 2% and back to its pre-Easter level:

The banks are up over 1%, but this barely takes back the post Easter weekend slump as the 5 day chart shows:

In energy stocks, as WTI futures trade below $38USD per barrel in Asia, Woodside and Santos are getting dragged down after gapping up this morning, while Oil Search outperforms: