Cooper Metals – Australia shares hit near four-month low as China production curbs hit miners
Sept 29 (Reuters) – Australian shares hit a near four-month low on Wednesday, as weak commodity prices hammered local mining stocks on fears over production curbs caused by a power crunch in top consumer China.
The S&P/ASX 200 index fell 1.2% to 7,192.30 by 0038 GMT, its lowest since June 2. The benchmark ended 1.5% lower on Tuesday.
The country’s top trading partner China is grappling from a widening power crunch, which has compelled numerous factories including many supplying Apple and Tesla to come to a halt.
This led miners to fall as much as 2.3% to a near one-year low as prices of iron ore and copper dipped on fears over demand hit.
The country’s mining triumvirate, BHP Group, Rio Tinto and Fortescue Metals fell between 2.2% and 2.5%.
Tech stocks fell 2.7% to hit its lowest in over a month after tracking an overnight plunge in Wall Street’s tech-heavy Nasdaq Composite index, which fell over 2% amid broad sell-off driven by rising U.S. Treasury yields.
Appen fell 3.4% to lead losses on the index, while sector heavyweight Afterpay dropped over 3%.
The energy index was down 1.8%, following a dip in oil prices. Santos and Oil Search fell 2% and 2.2%, respectively, leading losses on the index.
Financials were down 1% with the big four banks trading between 0.8% and 1.1%
Eslewhere, Japan’s Nikkei was down 2% at 29,592.72.
New Zealand’s benchmark S&P/NZX 50 index fell 0.8% to 13,063.20, with healthcare and consumer stocks leading losses on the benhcmark index. (Reporting by Tejaswi Marthi in Bengaluru; Editing by Rashmi Aich)