From Australia's Capital Brief, October 8:
The news: Iron ore stocks lowered on the ASX as a briefing by China's economic agency failed to provide new stimulus announcements.
The numbers: Materials was the worst performing sector by 1:40pm AEDT, down 2.36%, reversing earlier gains.
Fortescue (-2.2%), Champion Iron (-1.9%) and BHP (-0.5%) were trading lower.
However, fellow iron ore miner Rio Tinto climbed 0.7%, following confirmation that it had approached Arcadium Lithium for a potential acquisition.
Iron ore futures were down 2.4% to US$108.14 ($160.59) in Singapore, having risen more than 3% earlier in the session.
The context: Chinese stocks and iron ore futures soared ahead of a press briefing by China’s top economic planner, as investors braced for new stimulus measures.
However, the chair of China's National Development and Reform Commission (NDRC), Zheng Shanjie, did not offer any new initiatives further to the slew of new growth announcements made over the last fortnight....
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The Shanghai - Shenzhen CSI 300 is also giving back some of its earlier gains, currently up 5.29%.
