US stocks tumbled and precious metals slumped after Donald Trump chose Kevin Warsh as the next chairman of the central bank. Apple defied the broader sell-off, reporting its strongest-ever iPhone sales. In commodities, silver has plunged 30% from recent highs in its worst stretch since 1980, while gold recorded its steepest fall since 1983. Back home, Australian home prices continued to rise in January, though local shares are expected to open lower as the RBA begins its two-day policy meeting.

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