Tech rally edges ASX into the green as iron ore rout drags on miners

News Snapshot:

On the benchmark index, the China-sensitive material was the worst-hit on the day after ratings agency S & P cut the forecast for nation’s economic annual growth to 4.8 per cent, from 5.2 per cent, saying its fiscal and monetary easing remained limited. Iron ore futures in Singapore dropped 4.1 per cent to $US116.25 per tonne, compared with a six-month-high of $US123.60 per tonne, reached last week. A survey from industry research house Mysteel found that of 90 downstream Chinese construction companies, fewer than half planned to replenish inventories before an upcoming national holiday, with most expecting further price softening...