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BUZZ-Aussie miners to snap five weeks of gains as weak iron ore prices, Rio half-year profit weigh

Reuters
08/01
BUZZ-Aussie miners to snap five weeks of gains as weak iron ore prices, Rio half-year profit weigh

** Australian mining sub-index .AXMM falls around 4.2% for the week, set to snap five straight weeks of gains if trend holds

** Mining sub-index set to record worst week since mid-June

** Sub-index hurt by falling iron ore prices through the week, as expectations of more stimulus from top consumer China for the struggling property sector faded IRONORE/

** Mining giant Rio Tinto RIO.AX on Wednesday reported its smallest first-half underlying profit since 2020 and lowest interim dividend in seven years, weighing further on the sub-index

** Peers BHP BHP.AX down 3.8% for the week, Fortescue FMG.AX down 3.2% for the week

** Sub-index up 4.2% YTD, including session's moves

(Reporting by Shivangi Lahiri in Bengaluru)

((shivangi.lahiri@thomsonreuters.com))

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