Australian miners face worst day in more than 2 years in broad sell-off

Australian Strategic Materials

14/06/2022 01:48

** Australia's mining stocks  .AXMM  plunge as much as 6.8%,
posting their biggest intraday pct fall since May 1, 2020
    ** Broader market  .AXJO  falls as much as 5.3%, marking
worst intraday pct drop since March 27, 2020, amid inflation and
recessionary fears  .AX  
    ** Iron ore futures fell on Monday as new COVID-19 cases in
top consumer China raised fears of fresh lockdowns; Australian
stock market was closed on Monday  IRONORE/  
    ** BHP Group  BHP.AX  top drag on the sub-index, shedding as
much as 6.6% in its worst intraday session since Feb. 24
    ** Top pct loser Australian Strategic Materials  ASM.AX ,
down 18.6% in its worst intraday session since Aug. 27, 2021
    ** Sub-index hits lowest level since May 17
    ** Rio Tinto  RIO.AX  and Fortescue Metals Group  FMG.AX 
decline as much as 6.7% and 7.7%, respectively
    ** Mining index up 8.4% YTD, as of last close

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))