Where was the panic? Where were all the think pieces about the dangers of Australia’s economy being so strongly focused on selling iron ore to China?
Champion Iron Ltd dropped as much as 10.4%, to a low a 90 cents, this morning. If the iron ore price spikes, then it’s likely CIA’s share price will too.
Aussie stocks fell nearly 1% yesterday, and the selling looks set to continue today. The Dow Jones index fell 0.55% overnight.
While it’s all good in the short term, China is simply building up long term problems to keep the economy humming along.
Fortescue Metals Group Ltd [ASX:FMG] tumbled down 7.7% to a low of $5.42 this morning. It seems like the iron ore miner’s share price edges lower on a daily basis.
BHP Billiton Ltd [ASX:BHP] fell 2.4% this morning to a low of $25.13 per share. The 2.4% drop wiped billions off BHP’s value.
Beijing has recently launched a US$300 billion plan called ‘Made in China 2025’. It wants to become self-sufficient in a range of industries.
Shares in lithium miner Orocobre Ltd [ASX:ORE] have fallen by more than 3% today. That’s despite the general market being strongly up today.
For his tireless service to Rio and its shareholder, the company sent Walsh away with a parting gift. He received shares in the company and a bonus of around $27 million.