By Oliver Gray
Investing.com - The S&P/ASX 200 finished 0.4% lower at 7387.9 on Friday, within 0.6% of all time high valuations, posting a 1.41% monthly gain, and rising for the 10th consecutive month, with mining stocks easing from record highs in late trade as Beijing begins steeper cuts to steel production in a bid to cut pollution, while nervous investors monitor the worsening domestic coronavirus situation.
New South Wales reported 170 fresh cases today as more suburbs were put on alert, Victoria reported 3 cases, while Queensland tallied a single unlinked community case in a local school, forcing its closure.
Among stocks, Rio Tinto Ltd (ASX:RIO) lost 0.07%, BHP Billiton Ltd (ASX:BHP) lifted 0.09% and Fortescue Metals Group Ltd (ASX:FMG) dipped 4.9%, easing from record highs in early trade as Iron ore prices slumped to 2-month lows after Chinese policymakers flagged a move to reduce steel outputs, while raising export tariffs on some materials and removing rebates. Meantime, Afterpay Touch Group Ltd (ASX:APT) sank 4.98%.
In New Zealand, the NZX 50 fell 134.33 points or 1.06% to 12594.52