The S&P/ASX200 closed lower Friday, dropping 57 points or 0.8% to 7,404 and crossing below its 50-day moving average
The S&P/ASX200 closed lower Friday, dropping 57 points or 0.8% to 7,404 and crossing below its 50-day moving average. The markets woke up to the new iron ore reality it seems, global spot prices falling again, but only a continuation of the slide that began in earnest from July. China's long flagged cuts to steel output, but the decline of debt-riddled property giant Evergrande and the implications for the steel hungry property market triggered a burst of calculator activity among some of the big brokers. Fortescue Metal's (FMG) lower grade ore almost entirely ends up in Chinese smelters, the share price collapsing more than 11% by the end of business today. Iress (IRE) also crashing 11%. It's dream takeover proving to be just that. A warm weekend to all.
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