Fortescue share price slides as iron ore hits two-week low; JPMorgan downgrade turns focus to Thursday report
Fortescue shares fell 1.9% to A$22.39 as iron ore futures hit two-week lows, pressured by China’s property slowdown and rising port inventories. JPMorgan downgraded Fortescue to underweight and cut its target price to A$19.75. BHP slipped 0.35%, while Rio Tinto rose 0.9%. Fortescue’s quarterly production update is due Jan. 22.