Benchmark index ends lower tracking Wall Street losses
Banks, property and tech stocks top drags
Wesfarmers ends lower after Morgan Stanley downgrade
Australian shares ended lower on Friday after a broad-based sell-off on Wall Street overnight as investors pared back bets of U.S. rate cuts this year, dragging banking, real estate and technology stocks lower on the local benchmark.
The S&P/ASX 200 index (xjo) ended 1.1% lower at 7,727.60 points. The benchmark ended 1.1% lower for the week, snapping its four-week winning streak.
U.S. stocks ended lower on Thursday after economic data showed inflation in the world's largest economy was still a concern, possibly delaying the timing of a Federal Reserve rate cut this year.
"The Fed is not going to cut this year," said Henry Jennings, senior market analyst at Marcus Today.
"It wants to but the economy is too strong and it would rather do nothing than do the wrong thing and cut."
In Sydney, financials .AXFJ closed the day 1.2% lower. The country's "Big Four" banks ended the day down between 1% and 1.5%.
Technology stocks .AXIJ fell 1.5%, tracking a lead from Wall Street with Block (SQ2) and Xero (XRO) both ending lower at 2.2% and 2.7%.
Real-estate shares .AXRE closed 1.6% down as well with Mirvac (MGR) and Dexus (DXS) falling 2.5% and 2.2%.
Miners .AXMM closed 0.6% lower amid falling iron-ore prices overnight.
Mining behemoths BHP Group (BHP) , Rio Tinto (RIO) and Fortescue (FMG) closed lower between 0.6% and 0.8%.
Gold stocks .AXGD closed 0.5% lower after bullion prices hit a two-week low as interest rate cut expectations started to dwindle after the hawkish tone in the Fed minutes.
"Widespread worries are growing, fuelled by frustration over the murky economic outlook and uncertain rate-cut trajectory as we approach the end of the month," said Hebe Chen, market analyst at IG.
Shares of Wesfarmers (WES) , the country's largest listed conglomerate, ended 3.8% lower after Morgan Stanley downgraded its rating.
New Zealand's benchmark S&P/NZX 50 index (nz50) ended 0.2% lower to finish the session at 11,783.39 points.
- Forums
- ASX - By Stock
- News: XGD Rate-sensitive banking, property, tech stocks weigh on Australian shares
Benchmark index ends lower tracking Wall Street losses Banks,...
Featured News
Add XGD (ASX) to my watchlist
|
|||||
Last
8,514.3 |
Change
58.300(0.69%) |
Mkt cap ! n/a |
Open | High | Low |
8,456.0 | 8,526.5 | 8,446.2 |
Featured News
XGD (ASX) Chart |
The Watchlist
SBW
SHEKEL BRAINWEIGH LTD
Dani Nadri, Country Manager Australia
Dani Nadri
Country Manager Australia
SPONSORED BY The Market Online