Australia’s senate has approved a long-dreaded 30% tax on iron ore and coal mining profits following a two-year battle with mining companies. The tax, set to take effect on July 1, is supposed to raise $11.2 billion over the first three years, as the government tries to cash in on demand from China and India.
Miners like BHP Billiton ( BHP , quote ), Rio Tinto ( RIO , quote ) and Xtrata ( XSRAY , quote ), however, have voiced concern, saying they are beginning to feel the pinch from diminished demand from China, Australia’s biggest buyer of its minerals.
«The (Chinese) economy is shifting, it’s changing,» said Ian Ashby, president of BHP’s iron ore division, before the Global Iron Ore & Steel Forecast Conference in Perth today. «Steel growth rates will flatten and they have flattened.»
Most markets across Europe and Asia were down on Tuesday as China’s slowdown continued to weight on investors.
By midday, London’s FTSE ( EWU , quote ) had fallen 1.14%, the German DAX ( EWG , quote ) had slipped 1.44% and the French CAC 40 ( EWQ , quote ) had tumbled 1.39%. The euro fell 0.46% to $1.3176, while the British pound depreciated 0.33% to $1.5836.
Overnight, Australian stocks ( EWA , quote ) slipped 0.36%. Shares of BHP Billiton ( BHP , quote ) and Rio Tinto ( RIO , quote ) slipped 0.11% and 0.36%, respectively.
The Nikkei was closed for a national holiday in Japan. However, Nissan ( NSANY , quote ) has announced it will revive its Datsun brand in developing markets, including in Indonesia, India and Russia, where it will be start selling budget cars in 2014. Chief executive Carlos Ghosn made the announcement during a visit to Indonesia, where the company said it will invest $400 million over the next two years.
Meanwhile, the Shanghai Composite ( YAO , quote ) tumbled 1.38% and Seoul’s KOSPI ( EWY , quote ) fell 0.24%. In Singapore, shares ( EWS , quote ) got a boost of 0.42%.
The Chinese yuan rose 0.03% to 6.3239 to the dollar, while the Japanese yen appreciated 0.44% to 83.74 against the greenback.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
Miners like BHP Billiton ( BHP , quote ), Rio Tinto ( RIO , quote ) and Xtrata ( XSRAY , quote ), however, have voiced concern, saying they are beginning to feel the pinch from diminished demand from China, Australia’s biggest buyer of its minerals.
«The (Chinese) economy is shifting, it’s changing,» said Ian Ashby, president of BHP’s iron ore division, before the Global Iron Ore & Steel Forecast Conference in Perth today. «Steel growth rates will flatten and they have flattened.»
Most markets across Europe and Asia were down on Tuesday as China’s slowdown continued to weight on investors.
By midday, London’s FTSE ( EWU , quote ) had fallen 1.14%, the German DAX ( EWG , quote ) had slipped 1.44% and the French CAC 40 ( EWQ , quote ) had tumbled 1.39%. The euro fell 0.46% to $1.3176, while the British pound depreciated 0.33% to $1.5836.
Overnight, Australian stocks ( EWA , quote ) slipped 0.36%. Shares of BHP Billiton ( BHP , quote ) and Rio Tinto ( RIO , quote ) slipped 0.11% and 0.36%, respectively.
The Nikkei was closed for a national holiday in Japan. However, Nissan ( NSANY , quote ) has announced it will revive its Datsun brand in developing markets, including in Indonesia, India and Russia, where it will be start selling budget cars in 2014. Chief executive Carlos Ghosn made the announcement during a visit to Indonesia, where the company said it will invest $400 million over the next two years.
Meanwhile, the Shanghai Composite ( YAO , quote ) tumbled 1.38% and Seoul’s KOSPI ( EWY , quote ) fell 0.24%. In Singapore, shares ( EWS , quote ) got a boost of 0.42%.
The Chinese yuan rose 0.03% to 6.3239 to the dollar, while the Japanese yen appreciated 0.44% to 83.74 against the greenback.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.
