Business
ASX drops 0.6% from record high; Tech stocks hammered – The Sydney Morning Herald
The ASX 200 has fallen 0.6 per cent from Monday’s record high. Tech stocks were in the red, while the miners and banks were mixed.
Iron Ore prices keep on raising eyebrows after jumping $US39 in three days to all time highs of $US231 per tonne. The higher prices are driven by strong demand from Chinese steel mills, which use iron ore to make steel. So could these iron ore price cause inflation in Australia as builders and manufacturers pass on higher steel costs?
The Reserve Bank of Australia has made it clear it wants to see inflation return to between 2 per cent and 3 per cent, but this needs to be accompanied by wages growth.
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