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ASX 200 trades 0.7% lower, Real estate leads declines
© Reuters.
By Oliver Gray
Investing.com - The S&P/ASX 200 fell 49.1 points or 0.7% to 7,305.3 after the first 80 minutes of Friday’s session, snapping 3 days of consecutive gains and slipping from fresh 7-months highs following a mixed session on Wall Street overnight as investors weighed easing inflation pressures against growing prospects of an economic downturn.
ASX 200 Futures were pointing 0.5% lower.
Among stocks, Real estate led declines as Mirvac Group (ASX:MGR) lost 2.3%, Goodman Group (ASX:GMG) fell 2.3%, Charter Hall Group (ASX:CHC) lost 3.9% and Stockland Corporation Ltd (ASX:SGP) fell 2.1%.
Financials declined 1% amid easing yields. Macquarie Group Ltd (ASX:MQG) fell 0.9%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) lost 0.8%, Commonwealth Bank Of Australia (ASX:CBA) dipped 1.3%, National Australia Bank Ltd (ASX:NAB) lost 0.7% and Westpac Banking Corp (ASX:WBC) dipped 0.8%.
Materials bucked the trend however, up 0.4% as Rio Tinto Ltd (ASX:RIO) fell 0.3%, BHP Group Ltd (ASX:BHP) eased 0.4%, Fortescue Metals Group Ltd (ASX:FMG) added 0.1% and Champion Iron Ltd (ASX:CIA) lost 0.7%. Gold miners also surged as the US Dollar Index weakened, with St Barbara Ltd (ASX:SBM) rallying 12.4%, Gold Road Resources Ltd (ASX:GOR) up 2.4%, Newcrest Mining Ltd (ASX:NCM) adding 3% and Chalice Gold Mines Ltd (ASX:CHN) up 3.5%.
Ahead in Friday’s session, market participants will be watching upcoming home loans and retail sales data as well as a speech from RBA governor Lowe.
On the bond markets, Australia 10-Year rates were at 3.409% while United States 10-Year rates were at 3.525%.
In New Zealand, the NZX 50 fell 0.4% to 11,603.1.
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