Business
ASX sinks 1.1pc as buy now, pay later darlings tumble – The Australian Financial Review
The ASX backed away from its all-time high on Tuesday as inflation fears sank buy now, pay later darlings and investors braced for the federal budget.
Iron ore surged overnight for a third consecutive trading day. The metal surged more than 20 per cent in the last week as Chinese steel mills further crank out as much steel as they can.
Fastmarkets reported benchmark iron ore rose $US18.31, or 8.6 per cent, to $US230.56 a tonne; it had iron ore fixed at $US188.85 a tonne during last weeks Labour Day holiday break in China. S&P Global Platts said its IODEX 62 per cent iron ore index rose $US16.80 or 7.9 per cent to $US229.55 a tonne.
But iron ore…
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