Business
Inflation, iron ore concerns send ASX 1.9pc lower – The Australian Financial Review
Rising inflation fears and concerns about Australia’s iron ore supply to China rattled the sharemarket, sparking the biggest sell-off since February 26.
The sell-off was broad with even the best-performing sector, consumer staples, tumbling 0.7 per cent. The losses were heaviest in the materials sector, however, which fell 3 per cent.
Exacerbating the losses for the miners was news that China would step up domestic iron ore exploration and production and widen channels for imports for the bulk commodity.
BHP Group tumbled 3.4 per cent to $48.79, Rio Tinto dropped 3.8 per cent to $123.88, Fortescue Metals Group declined 3.1 per cent to $22.83, and…
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