Australia Market falls 0.7% | Business Standard News
Australian share market finished session lower on Thursday, 26 May 2022, weighed down by losses in miners and retail stocks.
At closing bell, the benchmark S&P/ASX200 fell 49.36 points, or 0.69%, to 7,105.88. The broader All Ordinaries index fell 52.35 points, or 0.71%, to 7,339.33.
Market sentiment remained downbeat amid concerns that tightening global financial conditions will weigh on economic growth. U.
S. Fed minutes released Wednesday showed officials are prepared to move ahead with several 50 basis points interest rate hikes. The Federal Open Market Committee also said policy may have to move away from “neutral” and into “restrictive” territory.
The Bank of Korea announced Thursday a 25 basis points increase in its Base Rate to 1.75%, the central bank’s second straight rate hike.
Shares of miners were amongst the worst performing stocks today with Rio Tinto falling 1.1% and Fortescue Metals Group erasing 3.7% after a drop in iron ore futures. Coal miner Whitehaven plunged 4.7%.
Software maker Appen soared 29.2% after it received a A$1.2 billion buyout approach from Canada’s Telus International.
CURRENCY NEWS: The Australian dollar was at $0.7085 after touching an earlier high of $0.7109.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor