15/04 Indicies, page-49

Australian shares face worst week in 19 months on US rate cut woes, geopolitical concerns

Apr 19, 202411:12 GMT+10

XJO−1.06%XEJ−1.91%WDS−2.38%XXMM−1.11%
Australian shares fell on Friday in broad-based selling and were set for their worst week in 19 months, as geopolitical concerns and uncertainty over the U.S. interest rate cut timeline kept investors cautious.
The S&P/ASX 200 index XJO fell 1% to 7,568.60 by 0031 GMT, with energy and mining stocks leading the declines. The index has declined 2.9% so far in the week in what would be its worst week since early September 2022.
Federal Reserve Bank of New York President John Williams, citing economic strength，said on Thursday he does not see a convincing case for cutting the central bank's policy rate now. On Tuesday, Fed Chair Jerome Powell declined to provide guidance on when rates might be lowered.
In Australia, investors will look forward to the March inflation data due next week for further cues on how the Reserve Bank of Australia will place itself on monetary policy decisions for the year.
Energy stocks XEJ led the retreat on the resources-rich benchmark, shedding 1.8% after oil prices remained close to a three-week low on Thursday. The sub-index has fallen 2.9% so far in the week, heading for its worst week since Feb. 9.
Oil and gas producer Woodside Energy WDS dropped nearly 1.6% after reporting a fall in first-quarter revenue due to lower realised prices.
Heavyweight miners XXMM dropped about 1.1% and were set for their first weekly decline in five. The mining triumvirate of Rio Tinto RIO, BHP Group BHP and Fortescue FMG fell between 0.8% and 1.2%.
Meanwhile, coal miner Whitehaven WHC gained 4.3% after reporting strong performance for its third quarter.
Rate-sensitive financials XFJ declined 1.1%, with the "Big Four" banks down between 0.7% and 1.2%. The sub-index was poised for its third straight weekly decline.
New Zealand's benchmark S&P/NZX 50 index NZ50G fell 0.4% to 11,792.73.