The Australian market closed flat supported by positive economic news from China which reversed early falls.
Here’s the scoreboard:
- S&P ASX 200: 5,307.70 -1.44 (-0.03%)
- All Ordinaries: 5,286.80 -2.20 (-0.04%)
- AUD/USD: 0.8184 -0.0027 (-0.33%)
The energy sector was down more than 3%, the miners were weaker and the banks firmer, led by Westpac up 0.8% to $32.89.
The top stories on Tuesday:
1. Fears of a sharp fall in China’s economy growth were averted. China’s GDP growth rate came in at 7.4% for 2014.
2. Look to India. China will soon be overtaken by India for economic growth, according to new forecasts by the IMF (International Monetary Fund).
3. Growing mountains of iron ore. Mining giant Rio Tinto ended 2014 having shipped a record 302.6 million tonnes of iron ore, 17% higher than the year before.
4. Selling at a loss. With falling iron ore prices many investors have been suspecting some mid-tier miners have been running at a loss.