ASX’s January slide continues as iron miners slip

ASX resumes slide as iron ore giants fall; Alumina up 17pc

Joshua Peach

A sell-off in mining companies offset cooler-than-expected inflation data, driving the sharemarket lower on Wednesday.

The S&P/ASX 200 dropped 52 points, or 0.7 per cent, to 7468 and the All Ordinaries fell by a similar margin. The benchmark has fallen in five of the last six sessions to be down 1.6 per cent since the start of the year.A weak lead from Wall Street sent shares lower at the open, before they briefly pared back losses after Australia’s latest consumer price indicator eased at a faster-than-predicted clip.November CPI dropped to 4.3 per cent in annual terms from 4.9 per cent in October, below the market’s 4.4 per cent consensus.Catherine Birch, senior economist at ANZ, said the CPI print pointed to the Reserve Bank keeping the cash rate on hold at its next meeting in February.“We expect quarterly CPI […]

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