Miners drag Australian shares lower on weaker iron ore prices
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Australian shares started the week lower on Monday, as miners weighed on the benchmark index due to falling iron ore prices, while investors awaited crucial U.S. inflation print later in the week. The S&P/ASX 200 index fell 0.3% to 7799.00 by 0015 GMT. The benchmark fell 0.1% on Friday. Miners dropped 0.8%, as iron ore prices fell on falling hot metal output weighing on sentiment. Heavyweight miners BHP Group and Fortescue fell 0.8% and 1.4%, respectively. Globally, investors await U.S. inflation data for June to gain a better understanding of the Federal Reserve's interest rate trajectory, after recent jobs data boosted market expectations of a rate cut. U.S. jobs data released on Friday, showed unemployment reached a 2-1/2-year high, signalling towards a veering labour market that keeps the Fed on course to start cutting rates soon. Back in Sydney, energy stocks lost 0.6%, eyeing their worst day since June 27, after oil prices...