Australian shares slide as IperionX leads mining selloff
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More news: Australian shares fell at the open as miners led broad losses across the market. The benchmark S&P/ASX 200 index was down 21.6 points, or 0.25%, to 8,612.9 at 10:30am AEDT. Eight of the 11 sectoral indices were in negative territory.
The materials sector fell 1%, with critical minerals miner IperionX (-7.3%) leading losses on the ASX 200. The selloff came after the company criticised a short seller report released by Spruce Point Capital last week.
Gold miners Greatland Resources (-4.8%) and Bellevue Gold (-3.7%) were also lower, as were lithium producers Pilbara Minerals (-5%), Liontown Resources (-4.1%) and IGO (-3.8%).
Meanwhile, medical imaging provider Pro Medicus (+2.5%) was the top performer on the ASX 200 after announcing a $44 million deal with US radiology group Advanced Radiology Management.
Australian shares to edge lower ahead of delayed US data, Nvidia results
The news: Australian shares are poised to lower at the open, as traders brace for Nvidia's third-quarter results and await the release of delayed US economic data following the end to the government shutdown last week.
The numbers: Updated at 7:30am AEDT:
- ASX futures: down 4 points to 8,619
- Wall Street: Dow Jones down 0.65%, S&P 500 down 0.05% and Nasdaq up 0.13%
- Europe: CAC 40 down 0.76%, DAX down 0.69% and FTSE 100 down 1.11%
- Spot gold: down 2.09% to USD4,084 per ounce
- Oil prices: Brent up 2.19% to USD64.39/bbl and US WTI up 2.39% to USD60.09/bbl
- AUD: flat at 65.35 US cents
- Bitcoin: down 1.34% to USD94,229.
The context: After a series of volatile trading days on Wall Street last week, traders will watch for delayed economic data following the end of the government shutdown.
Investors are also awaiting the latest quarterly report by the world's most valued company Nvidia on Wednesday (Thursday AEDT). Retail giants Walmart and Home Depot are also due to release third-quarter earnings this week.
In the local market, Endeavour Group (Monday), BlueScope Steel (Tuesday), Northern Star Resources (Tuesday), Medibank (Wednesday), Mineral Resources (Thursday), Evolution Mining (Thursday), Charter Hall (Thursday), Lovisa (Friday) and WiseTech Global (Friday) are set to host their annual general meetings this week.
