The BHP Group Ltd (ASX: BHP) share price is struggling today.
Shares in the S&P/ASX 200 Index (ASX: XJO) mining giant were down 2.3% in earlier trade, though they have managed to claw back some of those losses.
At time of writing in early afternoon on Thursday, shares are swapping hands for $45.14 apiece, down 1.6%.
Here's what's going on.
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What's happening with the ASX 200 miner?
Having finished in the green every day for the past two weeks, the BHP share price is getting pressured on several fronts today.
First, the broader Aussie market is following the lead of markets in the United States and Europe, where all the major indexes closed sharply lower. Succumbing to global jitters – fuelled by concerns including potential further global interest rate rises and the turmoil engulfing the Middle East – the ASX 200 is down 1.3% at the time of writing.
BHP shares are also listed on multiple global exchanges. And in the US, the mining giant's stock closed down 2.1% on the NYSE overnight.
The miner will also be facing some headwinds from an overnight slip in the iron ore price. Iron ore, BHP's top revenue earner, dropped 1.4% to US$115.85 per tonne. Though it's worth noting, this remains well above most forecasts, with analysts broadly expecting the steel-making metal to have dipped below US$100 per tonne by October.
On the home front, investors may also be concerned with fresh news circulating in the media about the potential cost blowout the company faces from the Labor government's proposed IR shakeup, which encompasses contract employees. BHP believes those amendments could cost it more than $1.3 billion.
BHP share price snapshot
Despite today's retrace, the BHP share price remains up 15% over the past 12 months.
Longer-term, BHP shares are up 37% over five years, not including the stock's regular dividend payouts.
