Whitehaven Coal slumped after it cut its sales forecast, with investors awaiting a closely watched US inflation report and the unofficial kick-off of earnings.
Whitehaven Coal slumped on Wednesday after it lowered its sales forecast, with investors awaiting a closely watched US inflation report and the unofficial kick-off of first-quarter reporting season in the US.
Whitehaven’s downgrade contrasted with an optimistic outlook for coal demand on improving relations between Australia and China. Weekly ship tracking data showed coal exports to China nearly doubled from February to March. Dalian iron ore futures edged up as China’s robust loan growth in the first quarter bolstered hopes for an economic rebound for the world’s biggest steel producer.
On the Singapore Exchange, the steel-making ingredient’s benchmark May contract eased 1.2 per cent to $US118.35 a tonne.Shares in data centre operator NextDC vaulted 8.1 per cent to $12.02 after announcing new customer wins at its Sydney data centres. It was the biggest outperformer on the main index. Networks business Megaport leapt 7.9 per cent to $4.35.Mineral Resources dropped 1.8 per cent to $77.41, Lake Resources retreated 2.2 per cent to 45¢.
The US consumer price index’s release at 8.30am in Washington is expected to show March core inflation rose 0.4 per cent since February, taking it to an annual pace of 5.6 per cent.
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