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Australian shares fall 0.4% as China’s COVID outbreak intensifies

Stock Markets Nov 28, 2022 16:39
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By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 30.4 points or 0.4% to 7,229.1 during Monday’s trading session, easing from gains of 1.5% in the previous week as investors retreated following reports of growing protests throughout China as residents resisted harsh lockdown restrictions amid a worsening outbreak.

Among stocks, Energy lost 1.7% as crude oil prices traded at 11-month lows. Santos Ltd (ASX:STO) lost 2.7%, Woodside Energy Ltd (ASX:WDS) dipped 2.7%, Beach Energy Ltd (ASX:BPT) fell 2.6% and South32 Ltd (ASX:S32) lost 1.4%.

Materials fell 0.9%, with Rio Tinto Ltd (ASX:RIO) down 1.4%, BHP Group Ltd (ASX:BHP) dipping 0.7%, Champion Iron Ltd (ASX:CIA) falling 0.7% while Fortescue Metals Group Ltd (ASX:FMG) added 0.5%.

Lithium miners also dragged amid reduced demand from China, with Arizona Lithium Ltd (ASX:AZL) down 2%, Lake Resources NL (ASX:LKE) falling 4.6% and Lynas Rare Earths Ltd (ASX:LYC) down 1.8%.

Meantime, Real Estate lifted 0.6% as yields fell, with Mirvac Group (ASX:MGR) gaining 0.9%, Goodman Group (ASX:GMG) up 0.8%, Charter Hall Group (ASX:CHC) adding 1% and Scentre Group Ltd (ASX:SCG) up 0.7%.

On the bond markets, Australia 10-Year rates were at 3.522% while United States 10-Year yields were at 3.635%.

In New Zealand, the NZX 50 was down 0.7% to 11,308.3.

Australian shares fall 0.4% as China’s COVID outbreak intensifies
 

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