A Falling Australian Market Is Rescued by Good News From China

Image: Phil Walter / Getty Images.

The Australian market fell this morning as the price of iron ore slipped below $US80 a tonne.

S&P/ASX 200 lost almost half of one percentage point soon after the market opened following the 1.22% loss yesterday.

Resources stocks, which rely on iron ore prices for top line revenue, weighed on the market.

BHP was trading at $34.40, down another 1.32% after it lost 1.74% yesterday.

Rio Tinto was at 59.610, down 0.73%, and Fortescue lost 1.54% to $3.525.

The S&P/ASX 200 later recovered all the morning’s lost ground, and a little from the previous day, to be up 0.27% at 5,377.30.

Good news for local investors came in the form of positive manufacturing numbers form China, indicating continuing demand for Australia’s miners.

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