By Oliver Gray
Investing.com - The S&P/ASX 200 fell 19.9 points or 0.3% to 6,995.7 after the first hour of Monday’s trade, partially retracting gains of 1% in the previous week as better than expected economic data in the U.S. eased recession fears and boosted bets of further aggressive rate rises from Federal Reserve policymakers.
ASX 200 Futures were trading 0.1% lower.
Among stocks, real estate companies led declines, falling 1.6% collectively as Mirvac Group (ASX:MGR) fell 1.7%, Charter Hall Group (ASX:CHC) dipped 2.3%, Goodman Group (ASX:GMG) lost 2.5% and Stockland Corporation Ltd (ASX:SGP) dipped 1.9%.
Consumer Discretionary was 1.5% lower as JB Hi-Fi Ltd (ASX:JBH) fell 2%, Domino's Pizza Enterprises Ltd (ASX:DMP) dropped 1.1%, Tabcorp Holdings Ltd (ASX:TAH) eased 1%, Aristocrat Leisure Ltd (ASX:ALL) fell 2.6% and Wesfarmers Ltd (ASX:WES) lost 1.4%.
Industrials shed 1.6% with Brambles Ltd (ASX:BXB) easing 2.1%, Reece Ltd (ASX:REH) shedding 1.2% and Transurban Group (ASX:TCL) down 1%.
Materials bucked the trend, up 1.2% amid rising iron ore prices as Rio Tinto Ltd (ASX:RIO) added 2.2%, BHP Group Ltd (ASX:BHP) gained 0.3%, Fortescue Metals Group Ltd (ASX:FMG) lifted 3% and Champion Iron Ltd (ASX:CIA) gained 3.6%.
Energy also lifted 0.9% with Santos Ltd (ASX:STO) up 0.7%, Woodside Energy Ltd (ASX:WDS) lifting 1.8%, Viva Energy Group Ltd (ASX:VEA) adding 1.6% and Beach Energy Ltd (ASX:BPT) up 1.2%.
Ahead in the week, investors will be monitoring fresh Westpac consumer confidence and NAB business confidence releases.
On the bond markets, Australia 10-Year rates rates were at 3.229% while United States 10-Year yields were at 2.827%.
In New Zealand, the NZX 50 fell 0.2% to 11,701.9.