Industry News

Australia shares fall for third day as miners drag on China worries

Views : 193
Update time : 2021-11-10 21:57:55

Nov 10 (Reuters) - Australian shares ended in the red for a third straight session on Wednesday, dragged by mining stocks as iron ore prices plunged due to the Chinese property sector’s worsening liquidity crisis.

The S&P/ASX 200 index ended 0.14% down at 7,423.9, having lost 0.24% on Tuesday.

Asian stock markets were tugged lower by fresh concerns about the solvency of property developers and high factory inflation in China, Australia’s largest trading partner, which also led to a fall in iron ore and copper futures.

That resulted in the Australian metals and mining index shedding 1.9%, with BHP, Rio Tinto and Fortescue dropping between 1.7% and 2.7% each.

Energy stocks tumbled 1.1% despite strength in crude prices, with Woodside Petroleum leading losses.

“We’ve had a couple of days of gains for resources but it looks to be unwinding a little bit at the moment, and we seem to be taking it in turns with the banks,” said Henry Jennings, senior analyst and portfolio manager at Marcus Today Financial Newsletter.

Related News
Read More >>
What Tariffs, Steel Prices Mean for E&S Construction Insurance in California What Tariffs, Steel Prices Mean for E&S Construction Insurance in California
Apr .25.2025
What Tariffs, Steel Prices Mean for E&S Construction Insurance in California
Nickel Price Update: Q1 2025 in Review Nickel Price Update: Q1 2025 in Review
Apr .25.2025
Nickel Price Update: Q1 2025 in Review
Higher steel prices benefiting Region steel mills Higher steel prices benefiting Region steel mills
Apr .25.2025
Higher steel prices benefiting Region steel mills
Vale's net profit drops 17% on lower iron ore prices Vale's net profit drops 17% on lower iron ore prices
Apr .25.2025
Vale's net profit drops 17% on lower iron ore prices