News: BHP Miners drag Australian shares down on China slowdown fears, hawkish Fed tone

	  Miners lead losses on the ASX 

	  AU Nov jobless rate at five-decade low 

	  Woolworths up as much as 1.3% on acquiring stake in 

Petspiration Group

(Updates to close)

Australian shares ended lower on Thursday, dragged by heavyweight miners, as growth fears intensified amid slowing economic activity in China and a protracted hawkish stance of the U.S. Federal Reserve.

The S&P/ASX 200 index (xjo) ended 0.6% lower at 7,204.80. The benchmark climbed 0.7% on Wednesday.

China's economy lost more steam in November as factory output slowed and retail sales extended declines, both missing forecasts and clocking their worst readings in six months, hobbled by surging COVID-19 cases and widespread virus curbs.

Moreover, the Fed on Wednesday raised interest rates by an expected 50 basis points and projected at least an additional 75 basis points of increase in borrowing costs by the end of 2023, dampening risk sentiment.

Fed Chair Jerome Powell was trying to get interest rates as high as possible so that future data shows a slowing economy, bringing inflation down in a "broad and meaningful" way, said Brad Smoling, managing director at Smoling Stockbrocking.

Meanwhile, data showed Australia's jobless rate in November stayed at five-decade lows as more people looked for work, a sign interest rates may have to rise further.

Local miners .AXMM dropped 1.5%, with sector heavyweights Fortescue Metals Group (FMG) , BHP Group (BHP) and Rio Tinto (RIO) falling between 0.2% and 0.9%.

Gold stocks .AXGD retreated 1.5% as bouillon prices fell on Powell's hawkish comments.

Energy stocks .AXEJ tracked oil prices higher, ending up 0.4%.

Separately, Woolworths Group (WOW) climbed as much as 1.3% after the supermarket chain said it would acquire a 55% stake in pet food and services retailer Petspiration Group for A$586 million ($399.83 million).

In New Zealand, the benchmark S&P/NZX 50 index (nz50) ended 0.1% higher at 11,601.99.

The country's economy saw surprisingly strong growth in the third quarter, boosting expectations that the central bank would continue its aggressive rate hiking cycle to tame the three-decade high inflation. ($1 = 1.4656 Australian dollars)