ASX slides 0.3%: concerns loom over steel demand in China

On Tuesday, the Australian Securities Exchange (ASX) witnessed a downturn, predominantly influenced by a notable sell-off in mining and energy sectors, triggered by weakened commodity prices. The S&P/ASX 200 index slid by 0.3%, equivalent to 23.9 points, halting a two-day consecutive upward trend, while the broader All Ordinaries index also experienced a decline of 0.4%, settling at 7994.1 points. Among the eleven sectors on the ASX, nine ended the day in negative territory, with energy and materials sectors bearing the brunt of the losses.

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ASX down 0.57% near noon: Best-performing sector is Industrials

Australian shares have declined, mirroring the weakness in New York amidst diminishing risk appetite due to concerns surrounding the trajectory of interest rates, with the S&P/ASX 200 down 0.57 per cent at 7,621.80 at 11:30am, marking a continuation of its three-week lows and a cumulative fall of over 2.5 per cent in the last five sessions. This downturn echoes the losses observed on Wall Street, where the Dow Jones decreased by 1.1 per cent, the S&P 500 by 0.7 per cent, and the Nasdaq by 0.6 per cent.

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Update on BHP’s offer for Anglo American

BHP Group (ASX:BHP) disclosed a revised proposal for merging with Anglo American plc (Anglo American), and in response, the Board of Anglo American extended the offer deadline to the 29th of May 2024. BHP welcomed this extension as an opportunity to address concerns raised by Anglo American regarding its proposal. Since then, BHP has engaged extensively with Anglo American and its advisers to resolve these matters.

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Algeciras and Tangier struggle amidst global shipping disruptions

Upon entering the port of Algeciras at Spain's southernmost tip, the facility's busyness is unmistakable. Nearly all cranes at the port’s two container terminals are in operation, moving containers on and off ships. Alonso Luque, CEO of TTI Algeciras, notes that they’ve had to turn away many requests for extra cargo due to limited capacity. Similarly, executives at TC3 in Morocco's Tanger Med port face comparable challenges.

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