The ASX 200
(INDEXASX: XJO)(^AXJO) is expected to open lower today, the USA’s S&P 500 Index (.INX) fell by 0.18% on Friday.
Australian Dollar ($A) (AUDUSD): 69.80US cents
Dow Jones (DJI): down 0.16%
Oil (WTI): $US57.63 per barrel
Gold: $US1,395 per ounce
ASX Sharemarket News
In ASX sharemarket news, iron ore businesses could come under pressure this morning with Chinese steelmakers suggesting that iron ore prices are too high. This means a business like Fortescue Metals Group Limited (ASX: FMG) could suffer if the iron ore price does indeed fall.
Chinese steel mills have complained to the Chinese government that the iron ore market is being manipulated by futures traders and it’s causing their profit margin to fall, according to the Australian Financial Review.
Whilst there has been a steep rise in the iron ore prices, the steelmakers aren’t getting the same higher price for their steel.
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NRW Holdings Limited (ASX: NWH) has made the news for the wrong reasons this weekend. A 27-year-old mining operator was killed at the Baralaba North Coal Mine in the Bowen Basin, Queensland. This man was an employee of a NRW subsidiary – Golding.
NRW said in the media release, “To his family, friends, work mates – we extend our sincerest condolences. Golding is providing support to the man’s family. Operations at the mine have been halted until further notice, and all staff have been offered access to counselling services.”
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Fintech business GBST Holdings Limited (ASX: GBT) has received another non-binding takeover offer from FNZ of a price at $3.65, which is slightly higher than the $3.60 offered by SS&C Technologies.
However, GBT said that SS&C currently has access to the due diligence and it will be focused on that bid.
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