By Oliver Gray
Investing.com - The S&P/ASX 200 declined 71.5 points or 0.94% to 7511 on Tuesday, extending losses of 0.38% yesterday as market participants digested another mixed session for corporate earnings, while the accelerating spread of the coronavirus Delta variant forced further restrictions across the country.
New South Wales added a near record 452 fresh cases with at least 50 of those infectious while in the community. Victoria added 24 fresh cases, as health authorities tightened restrictions further in a bid to suppress worsening outbreaks. Queensland reported 2 cases, with one linked to the current Indooroopilly cluster, and one in hotel quarantine. Meantime, the ACT record 17 cases with 8 unlinked to current outbreaks.
Among stocks, Magellan Financial Group Ltd (ASX:MFG) lost 9.57% after weaker than expected results, while Domain Holdings Australia Ltd (ASX:DHG) closed 4.28% higher after reporting earnings. Miners retreated as Rio Tinto Ltd (ASX:RIO) fell 1.75%, Fortescue Metals Group Ltd (ASX:FMG) lost 1.33% and BHP Billiton Ltd (ASX:BHP) declined 1.17% ahead of its earnings report this evening. Bankers were also weaker with Commonwealth Bank Of Australia (ASX:CBA) falling 3.21%, and Westpac Banking Corp (ASX:WBC) dipping 1.47%.
On the policy front, the Reserve Bank of Australia’s meeting minutes released today showed that officials held to their plan to gradually wind back purchases of government debt to A$4 billion a week from early September, confident that the economy would bounce back strongly after the current coronavirus outbreaks had subsided. However, policymakers also noted that they remain ‘prepared to act’ amid a more significant economic setback.
In New Zealand, the NZX 50 fell 84.83 points or 0.67% to 12635.32.