Australian miners set for worst day in 2 weeks amid broad selloff

Lake Resources NL

14/09/2022 03:10

** Australia's mining stocks  .AXMM  slump as much as 3%,
set for their worst day since Sept. 1
    ** The sub-index falls in line with broader market  .AXJO ,
which is down about 2.7%
    ** Global equities tumbled after data showed U.S. consumer
prices rising faster than expected in August, strengthening bets
for more aggressive Federal Reserve rate hikes  MKTS/GLOB 
 urn:newsml:reuters.com:*:nL1N30J1H4
    ** Copper prices turned lower on Tuesday after the
unexpected U.S. inflation print  MET/L 
    ** Heavyweight BHP Group  BHP.AX  falls as much as 2.2%
while Fortescue Metals Group  FMG.AX  slips 5.2%
    ** Rio Tinto  RIO.AX  falls as much as 3.4%, even after
saying would team up with state-owned China Baowu Steel Group Co
to develop an iron ore project in Western Australia for $2 bln
 urn:newsml:reuters.com:*:nL4N30K3N5
    ** Lake Resources NL  LKE.AX  slumps as much as 20.1% to the
bottom of the sub-index on dispute with Lilac Solutions over
Argentina lithium project  urn:newsml:reuters.com:*:nL4N30L084
    ** As of last close, AXMM down 1.1% this year, compared to a
5.8% drop in benchmark  .AXJO 

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))