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ASX recovers to close only 38 points down at 7465. It was the best of time and the worst of times. Miners were savaged with the iron ore price adding to BHP woes and commodities generally under pressure. RIO dropped 5.7%, FMG down 6.2% and MIN falling 6.6%. The big Aussie may be regretting its transformation after falling another 6.3%. Industrials and results stole the show and tried valiantly to rescue the index but failed. BHP accounted for 28 index points alone. Banks held the line with the Big Bank Basket dropping to $180.91. CSL rose 3.2% after brokers pronounced judgement. Defensives rose led by WES up 1.7%, BXB up 1.4% and JHX gaining 2.0%. Reports dominated with RBL inflating by 19.0% after an early loss. WSA confirmed media reports that IGO were interested, running 13.0%.  

European markets expected to open around 1% weaker.