Iron ore fell, extending its retreat from its February peak to 14 per cent, as Chinese steel inventories edge ever higher.

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It is a stretch to believe anyone has really bought into the idea that the Trump administration can really deliver on far-reaching tax reform. But what we can see, is that to a large extent it isn't going to worry them too much either. This is a Teflon market where literally nothing sticks.

Myer's shares have soared 18 per cent after a mystery buyer snapped up a significant stake in the company in a late spree.

Delays in prospective acquisitions amid continued high commodity prices has prompted South 32, the BHP Billiton spin-out of orphan assets, to buy back close to 5 per cent of its shares for $US500 million

The ASX recovered throughout the day to almost entirely recover the early trade losses.

Oil producers pledged to consider extending their pact limiting supply, but analysts said the lack of an immediate extension could drag on crude prices.