By Oliver Gray
Investing.com - The S&P/ASX 200 fell 45 points or 0.7% to 6,605.6 during Friday’s trade, snapping 3 sessions of consecutive gain and finishing the week 1.1% lower as growing recession fears pushed commodity prices lower and weighed on major mining and energy companies.
Among stocks, Materials posted the largest declines, down 3.2% amid weakening Iron ore and Copper prices. Rio Tinto Ltd (ASX:RIO) fell 2.9%, BHP Billiton Ltd (ASX:BHP) shed 3.5%, Champion Iron Ltd (ASX:CIA) lost 4.9% and Fortescue Metals Group Ltd (ASX:FMG) fell 6.2%.
Energy finished 0.5% lower overall, with Woodside Energy Ltd (ASX:WDS) and Santos Ltd (ASX:STO) adding 0.2% apiece, while Beach Energy Ltd (ASX:BPT) fell 0.6% and Viva Energy Group Ltd (ASX:VEA) shed 3.7%.
S&P/ASX 200 Telecommunication Services fell 0.7% with Rea Group Ltd (ASX:REA) down 1.2%, Domain Holdings Australia Ltd (ASX:DHG) falling 3.7%, Seek Ltd (ASX:SEK) down 2.7%, while Telstra Corporation Ltd. (ASX:TLS) finished 0.3% higher.
Meantime, funds manager Pendal Group Ltd (ASX:PDL) lost 7.8% after revealing outflows of $4.2 billion over the June quarter.
On the bond markets, Australia 10-Year rates were at 3.432% while United States 10-Year yields were at 2.945%.
In New Zealand, the NZX 50 eased 0.1% to 11,180.