By Oliver Gray
Investing.com - The S&P/ASX 200 finished Tuesday’s trade down 69.50 points or 0.98% to 7,051.20, extending losses for the third consecutive session and closing at fresh 3-month lows as market participants retreated amid growing concerns of a global recession.
Among stocks, Materials dipped 2.6% collectively as Iron ore and Copper prices fell. Rio Tinto Ltd (ASX:RIO) dipped 3.6%, BHP Billiton Ltd (ASX:BHP) fell 2.6%, Fortescue Metals Group Ltd (ASX:FMG) lost 2.7% and Lake Resources NL (ASX:LKE) dipped 3.1%
Energy companies also lost 2.2% overall as Oil prices tumbled on fears about slowing demand from China. Woodside Petroleum Ltd (ASX:WPL) lost 2.6%, Santos Ltd (ASX:STO) fell 1.7%, Beach Energy Ltd (ASX:BPT) shed 3.9% and Viva Energy Group Ltd (ASX:VEA) lost 2.9%.
Financials finished 0.8% lower with Macquarie Group Ltd (ASX:MQG) falling 1.1%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) down 0.9%, National Australia Bank Ltd (ASX:NAB) gaining 0.3% and Commonwealth Bank Of Australia (ASX:CBA) down 0.9%.
On the bond markets, Australia 10-Year rates were at fresh 8-year highs of 3.565% while United States 10-Year yields were at 4-year highs of 3.07%
In New Zealand, the NZX 50 fell 1.3% to 11,229.