The Match Out: ASX loses steam as reporting starts to wind down
The ASX lost some steam today and as we penned this morning, we believe the market is starting to feel tired after its 25% advance from the April lows.
Yesterday saw Iron Ore plunge to its lowest level since May 2023 as China Baowu Steel Group Corp, the world’s largest steelmaker, warned of a crisis ahead in China, increasing concerns about demand just as major miners boost output. Futures of the bulk commodity subsequently dropped in Singapore for the sixth time in seven days. Hu Wangming, chairman of China Baowu Steel Group Corp., said the sector now faced a crisis more painful than the downturns of 2008 and 2015, likening conditions to a “severe winter” and highlighting a need to preserve cash. Iron ore has plunged by almost a third this year in a slump that’s made it one of the worst-performing major commodities and, by definition, sectors in the stock market.
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