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Australia shares fall as miners, health stocks weigh

Published 04/02/2021, 12:05 pm
Updated 04/02/2021, 12:06 pm
© Reuters.
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* Gold stocks hit 9-month low

* Origin Energy eyes worst day in over 10 months on gloomy outlook

* NZ benchmark on track for third day of losses in four

By Arpit Nayak

Feb 4 (Reuters) - Australian shares were set to snap a three-day winning streak on Thursday as miners and healthcare stocks eased, while investors awaited more risk-supportive economic outlook from the central bank.

The Reserve Bank of Australia, which is slated to provide updated economic forecasts on Friday, earlier this week expanded its bond-buying programme and kept its cash rate near zero, even though the A$2 trillion economy has performed better than expected after largely controlling its COVID-19 outbreak. a reason why they're keeping stimulus for longer, it's because they fear that we've got a longer-term crawl out of pandemic-influenced markets," said Nick Twidale, chief executive officer of APAC at FP Markets.

"I think the market needs some concrete evidence that we're going to see some light at the end of the tunnel."

The S&P/ASX 200 index .AXJO fell 0.4% to 6,799.6 by 0021 GMT.

Gold stocks .AXGD lost as much as 1.7% to hit their lowest since May, after spot gold prices weakened overnight amid a steepening U.S. Treasury yield curve and a jump in equities. GOL/

Heavyweight miners .AXMM shrank 0.6% as Chinese iron ore futures eased on growing shipments from major suppliers and a drop-off in demand from top consumer China ahead of the Lunar New Year holidays. IRONORE/

Dragging energy stocks .AXEJ 0.9% lower, Origin Energy ORG.AX gave up 8.9% after slashing earnings forecasts for its energy markets segment. supplier AGL Energy AGL.AX also put out a dim forecast for wholesale electricity prices and flagged a $2.1 billion charge in its half-year results, sending its shares down 7%. stronger Australian dollar pressured U.S.-exposed healthcare stocks .AXHJ , which fell 0.9%, with industry giant CSL CSL.AX accounting for a bulk of the losses.

New Zealand's benchmark S&P/NZX 50 index .NZ50 dropped 0.4% to 13,035.31.

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