By Oliver Gray
Investing.com - The S&P/ASX 200 fell 101.40 points or 1.42% to 7,019.70 during Thursday’s trade, erasing gains of 0.4% in the previous session as investors retreated amid surging yields and growing concerns around slowing economic growth.
Among stocks, the Materials sector led losses, down 2.2% as Rio Tinto Ltd (ASX:RIO) lost 1.2%, BHP Billiton Ltd (ASX:BHP) fell, 2.4%, Fortescue Metals Group Ltd (ASX:FMG) lost 0.3% and Champion Iron Ltd (ASX:CIA) fell 2.6%.
Financials finished 2.1% lower collectively, as Macquarie Group Ltd (ASX:MQG) lost 0.3%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) fell 2.3%, National Australia Bank Ltd (ASX:NAB) lost 2.3%, Westpac Banking Corp (ASX:WBC) dipped 3.7% and Commonwealth Bank Of Australia (ASX:CBA) declined 2.6%.
Real estate 1.3% with Mirvac Group (ASX:MGR) down 1.9%, Charter Hall Group (ASX:CHC) falling 1.4%, Goodman Group (ASX:GMG) declining 1.7% and Scentre Group Ltd (ASX:SCG) down 1.1%.
On the bond markets, Australia 10-Year rates were at 8-year highs of 3.608% while United States 10-Year yields were at 3.044%.
In New Zealand, the NZX 50 fell 0.5% to 11,211.