By Oliver Gray
Investing.com - The S&P/ASX 200 fell 78.1 points or 1.1% to 7,043 after the first hour of Thursday’s trade, retracing gains of 0.4% in the previous session as risk sentiment soured amid rising yields, with banks and real estate companies extending losses.
ASX 200 Futures were pointing 0.6%.
Among stocks, Financials were down 2.9% as Australia and New Zealand Banking Group Ltd (ASX:ANZ) fell 2.9%, National Australia Bank Ltd (ASX:NAB) lost 3%, Westpac Banking Corp (ASX:WBC) fell 4% and Commonwealth Bank Of Australia (ASX:CBA) lost 4%.
Real estate fell 1.8% overall with Mirvac Group (ASX:MGR) down 0.5%, Charter Hall Group (ASX:CHC) falling 1.5%, Goodman Group (ASX:GMG) down 2.2% and Scentre Group Ltd (ASX:SCG) falling 0.7%.
Materials were 0.6% lower overall with Rio Tinto Ltd (ASX:RIO) up 0.6%, BHP Billiton Ltd (ASX:BHP) down 0.1%, Fortescue Metals Group Ltd (ASX:FMG) up 0.3%, Arizona Lithium Ltd (ASX:AZL) losing 6.3% and Lake Resources NL (ASX:LKE) down 4.5%.
Energy added 0.9% with Woodside Energy Ltd (ASX:WDS) adding 1.7%, Santos Ltd (ASX:STO) down 0.2% and Beach Energy Ltd (ASX:BPT) gaining 1.3%
Meantime, Magellan Financial Group Ltd (ASX:MFG) added 3.6% after co-founder Hamish Douglass announced that he will take a consultancy role within the company.
On the bond markets, Australia 10-Year rates were at 8-year highs of 3.585% while United States 10-Year yields were at 3.036%.
In New Zealand, the NZX 50 fell 0.4% to 11,217.7.