ASX miners drop as new China stimulus disappoints
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The news: Some of the biggest miners on the ASX fell in early trading after China's latest stimulus measures disappointed traders and weighed on exporters.
The numbers: BHP (-3.2%), Fortescue (-4.1%) and Rio Tinto (-3%) were all trading lower at 11:30am AEST. Mineral Resources (-3.1%) and Champion Iron (-7.7%) also dropped.
Materials, down 2%, was the worst performing sector on the ASX as the wider market lowered 0.3%.
Singapore iron ore futures were down 1.18% to USD101.35 ($153.88) per tonne.
The context: The ASX heavyweights lost ground after China unveiled its latest round of stimulus measures on Friday.
While the country's authorities approved a 10 trillion yuan ($2.1 trillion) package to ease local government "hidden debt" burdens, they didn't announce direct fiscal stimulus as some investors had hoped.
The source: Reuters
