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Australian Shares Start the Week 1.4% Lower

Published 17/10/2022, 11:19 am
Updated 17/10/2022, 11:24 am
© Reuters.

© Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 107.9 points or 1.6% to 6,650.9 after the first hour of Monday’s trade, with investors looking ahead to local earnings reports ahead of the Reserve Bank of Australia’s latest meeting minutes on Tuesday.

ASX 200 Futures were pointing 0.3% lower

Among stocks, Materials  led the decline, falling 2.7% as Rio Tinto Ltd (ASX:RIO) fell 2.9%, BHP Group Ltd (ASX:BHP) lost 2.8%, Fortescue Metals Group Ltd (ASX:FMG) dipped 3.3% and Champion Iron Ltd (ASX:CIA) shed 4.5%.

Energy lost 2.4% with Woodside Energy Ltd (ASX:WDS) down 2.7%, Santos Ltd (ASX:STO) losing 2.7%. Beach Energy Ltd (ASX:BPT) falling 3.1% and Viva Energy Group Ltd (ASX:VEA) down 2.5%.

Meantime, Costa Group Holdings Ltd (ASX:CGC) dropped 11.5% after the company warned that that earnings will be “considerably lower” than previously forecast, while News Corp (ASX:NWS) added 3.8% confirming that it is exploring a potential combination with Fox Corporation.

Ahead in the week market participants will be closely watching the minutes from the RBA latest meeting,as week as well as Thursday’s unemployment data.

On the bond markets, Australia 10-Year rates were at 4.086% while United States 10-Year rates were at 4.01%

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