ASX 200 trims fall to close down 0.3%, AGL Energy hits record low

ASX recovers from 0.8% drop to close down 0.3%. Iron ore futures fall. Apple unveils new iPhone. AGL record low.

The ASX 200 closed higher on Tuesday. Will it post gains again today? Picture: Gaye Gerard

Welcome to the Trading Day blog for Wednesday, September 15. The ASX 200 has closed down 0.3% after falling as much as 0.8% after Wall Street dropped despite easing US inflation pressures.

The S&P 500 declined 0.6 per cent, the Dow 0.8 per cent and the Nasdaq fell around 0.4 per cent. European markets mainly fell and oil prices edged up. In tech, Apple unveils its latest iPhone. Oil prices were steady overnight and iron ore futures are falling.

Iron ore prices fell to $US120/t on weak restocking demand in China, says CBA's Vivek Dhar. Uncertainty around steel production cuts as well as expectations for iron ore prices to drift lower kept steel mills away from the market, despite iron ore inventories at mills being reportedly low.

Westpac's consumer confidence index for September rose 2% to 106.2.

China's monthly economic activity data for August were weaker than expected amid Covid impacts. Retail sales rose 2.5% year on year versus Bloomberg's consensus estimate of a 7% rise. Industrial production year on year rose 5.3% versus 5.8% expected.

AGL Energy shares have hit a record low.