ASX down 0.1%; CBA down 1.6%,Fortescue down 5.3%,

ASX stocks slip 0.1  per cent as weak iron ore futures weigh on the major miners and Bank of Queensland leads banks lower

Local stocks are responding to global commodity price rises. Picture: NCA NewsWire/Gaye Gerard.

Welcome to the Trading Day blog for Wednesday, October 13. Stocks down 0.1 per cent, amid sharp falls among the major miners on weak iron ore futures.

ASX 200 stocks slip 0.1 per cent lower at 7266.80 points at 2pm AEDT, amid choppy trading led by falls in mining majors Rio, Mineral Resources, BHP and FMG.

Iron ore futures are down 6 per cent to $US120.25 per tonne.

Overnight, iron ore fell 6.2 per cent to $US128.50 per tonne.

The three biggest ASX200 sectors in the red were financials, materials, health care.

Treasurer Josh Frydenberg flags that GDP is set to fall 3 per cent or more in the September quarter.

Overseas, Dow Jones closed down 0.3 per cent, S&P 500 ended 0.2 per cent lower, while Nasdaq fell 0.1 per cent.

All eyes are on the release this week of inflation data in the US and China, where expectations are for high readings that will add pressure on central banks to tighten monetary policy. In the US, quarterly corporate earnings are expected to be subdued.

The IMF trimmed its forecast for 2021 global growth from 6 per cent to 5.9 per cent. 

WTI crude oil closed higher at $US80.64 per barrel.

Originally published as ASX down 0.1%; CBA down 1.6%,Fortescue down 5.3%,