teensexonline.com

Energy, gold stocks drag Australian shares to near 3-week low

Date:

Feb 10 (Reuters)Australian shares fell on Friday to their lowest in nearly three weeks, dragged down by energy and gold stocks as appetite for risks soured over hawkish central banks and nagging fears about global economic growth.

The S&P/ASX 200 index .AXJO fell 0.6% to 7,449.7 by 2337 GMT, trading at its lowest level since Jan. 23. The benchmark has declined 1.6% so far in the week after five straight weeks of gains.

The Reserve Bank of Australia revised its forecasts for core inflation and wages growth and warned further increases in interest rates would be needed to head off a damaging wage-price spiral.

Federal Reserve officials said on Wednesday more interest rate rises were on the cards as the U.S. central bank presses forward with its efforts to cool inflation, although none were ready to suggest January’s hot U.S. jobs report could push them back to a more aggressive monetary policy stance.

Energy stocks .AXEJ declined 1.5% and were among the top losers on the benchmark Australian stock index after oil prices fell. Sector heavyweights Woodside WDS.AX and Santos STO.AX slipped 0.2% and 0.4%, respectively.

Gold miners .AXGD slumped 1.8% after bullion prices fell overnight on fears of more interest rate hikes and ahead of next week’s U.S. inflation data. GOL/

Sector major Newcrest Mining NCM.AX and Northern Star Resources NST.AX fell between 0.7% and 1%.

Tech stocks .AXIJ tracked Wall Street lower and were last down 1.8%. ASX-listed shares of Block Inc SQ2.AX plunged more than 5%, while Xero XRO.AX slipped 0.8%. .N

Financials .AXFJ fell 0.5%, with all the “big four” banks trading in negative territory.

Meanwhile, shares of REA Group REA.AX slumped 3.2% after the online property classifieds operator warned about losses and reported a lower profit.

New Zealand’s benchmark S&P/NZX 50 index .NZ50 rose 0.4% to 12,163.1.

(Reporting by Nausheen Thusoo in Bengaluru; Editing by Subhranshu Sahu)

(([email protected];))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Share post:

Subscribe

Popular

More like this
Related