Market Close 16 Dec 24: Mining stocks tumble as China struggles
Description
The Australian market continued its downward streak, with the ASX hitting a four-week low amidst weak Chinese retail data and falling commodity prices. China's slower-than-expected retail growth raised concerns over consumption and the country's ability to meet its 5% annual growth target, which impacted resource stocks like BHP and Rio Tinto. Mining and energy sectors remain some of the year's worst performers, down 15% and 20%, respectively. Meanwhile, corporate news saw mixed reactions, with HMC Capital suffering steep losses after backing DigiCo’s underwhelming ASX debut, while Star Entertainment rose following a management shake-up. Looking ahead, key events include global manufacturing data, U.S. retail sales, and the Federal Reserve's inflation update, alongside local updates on consumer confidence and AGMs from major banks like NAB and ANZ.
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