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The US also plans to award $US1.5 billion to GlobalFoundries, the largest domestic maker of made-to-order semiconductors. The US listed shares of both BHP and Rio Tinto were sharply lower in line with a 5.1 per cent plunge in the spot price of iron ore in Singapore trade on Tuesday after China's central bank unexpectedly cut its key five-year loan prime rate the most since the LPR-setting mechanism was reformed in 2019. The "rate cut signals policymakers are getting serious about supporting the property market, but probably isn't enough to ensure a rapid turnaround in sentiment and sales", Pantheon Macroeconomics…
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