Miners weigh on the ASX

May 10, 2022 - 2 weeks ago
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The mining sector weighed heavily on the Australian share market as Materials tumbled -2.38% on Tuesday as commodity prices tumbled in response to doubts about Chinese growth, along with increasing concerns about the limits to U.S. Fed policy when supply-chain disruptions pose a significant inflation threat.

The benchmark S&P/ASX 200 index fell -69.5 points, or -0.98%, to 7,051.2, while the All Ordinaries lost -72.7 points, or -0.99%, to 7,285.2, while our local currency, the Australian dollar, is currently buying US$0.6962.

Titans, Rio Tinto fell -3.6% to $102.97, BHP lost -2.6% to $45.02, and Fortescue Metals Group dropped -2.7% to $19.11.

Data released yesterday showed that Chinese iron ore imports fell by -13% in April compared to a year ago.

Woodside Petroleum slipped -2.6% to $30.77 and Santos dropped -1.7% to $7.94.

Meanwhile, all eyes will be on the U.S. CPI data due for release on Wednesday (10:30 pm Sydney time), which could decide how the U.S. Fed will raise rates this year.

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