ASX closes 0.5% lower: Iron ore prices fall
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Update time : 2024-06-13 15:40:59
The Australian sharemarket extended losses on Wednesday, with the S&P/ASX 200 Index dropping 0.5% amid investor anxiety over the imminent US Federal Reserve interest rate decision. The materials sector, particularly mining giants like BHP, Rio Tinto, and Fortescue, suffered significant declines due to falling iron ore prices and concerns about China's property market. Additionally, interest rate sensitive tech stocks fell ahead of the Fed announcement, while Macquarie upgraded Woodside to an "outperform" rating, leading to a 2.6% rise in its shares.
