ASX set to drop; iron ore jumps 7% overnight

Summary

• S

  S&P/ASX 200 futures down 30 points. The index closed flat on Monday 

• On Wall Street the S&P500 is -0.5%, Nasdaq -0.2%, Dow Jones -0.1%
• European markets drop sharply, FTSE down 1.7%, Dax down 2.8%
• Iron ore prices jumo 7.3% to $US176.45 a tonne
• Brent crude drops 3.5% to $US50.41 a barrel, WTI crude drops 3.9% to $US47.17 a barrel