AU Evening Wrap: ASX Resumes Slide as Iron Ore Giants Fall

$S&P/ASX 200 (.XJO.AU)$ ended 0.7% lower at 7468.5, even as data out Wednesday showed the lowest inflation reading since January 2022, raising hopes of interest rate cut later this year.

The materials sector led the losses, falling 2.1%. Iron ore companies $BHP Group Ltd (BHP.AU)$, $Rio Tinto Ltd (RIO.AU)$ and $Fortescue Ltd (FMG.AU)$ lost 2.3%, 2.3% and 1.8% respectively.

General insurers $QBE Insurance Group Ltd (QBE.AU)$, $Suncorp Group Ltd (SUN.AU)$ and $Insurance Australia Group Ltd (IAG.AU)$ were closed down 0.8%, 0.9% and 2.4% respectively.

$Worley Ltd (WOR.AU)$ recommenced trading after going into halt in relation to media reporting related to an arbitration case in Ecuador. It fell 2.3% for the day.

$Alumina Ltd (AWC.AU)$ was the best performing stock for the second day in a row, after the Alcoa refinery shutdown boosted its share price. It closed up 17%.