Australian shares followed Wall Street sharply lower on Tuesday after hot US retail sales data pushed traders to scale back their rate cut bets and fears of escalating tensions in the Middle East weighed on markets.
All 11 industry sectors finished in the red, driving the benchmark S&P/ASX200 index 1.8 per cent lower, or 140 points down, to 7612.5. The broader All Ordinaries shed a similar amount, plunging 147.1 points to 7862.3.
The Australian dollar also dipped to a five-month low of US64.06c, but recovered from some earlier losses by the closing bell.
Describing the market’s performance as “carnage”, IG Australia market analyst Tony Sycamore said the broad sell-off was the result of a “perfect storm”.
“Stretched positioning across global equity indices, a third successive month of firm US inflation data contributing to unease within a deeply troubled bond market” and “the rising risk of miscalculation and escalation in the Middle East,” were among the factors weight on the benchmark, Mr Sycamore said.
ASX tumbles as stocks follow Wall St
Consumer discretionary stocks were the biggest laggards, diving 2.4 per cent.
Wesfarmers shed 2.3 per cent to $65.14, JB Hi-Fi slipped 2.9 per cent to $60.84, while Harvey Norman fell 3.8 per cent to $4.54.
Material stocks also dived two per cent, tracking a slump in the iron ore price which sank 2.5 per cent on the Singapore Exchange to $US109.40.
The sell-off came even as fresh growth figures from China, the world’s largest importer of iron ore, showed its economy expanded 5.3 per cent in the year to March, blistering past expectations of a 4.6 per cent increase.
Heavyweight miners sank with Rio Tinto off 2.9 per cent to $128.70, Fortescue down 2.8 per cent to $25.03, and BHP sinking 1.8 per cent to $44.97.
Financials were also not spared, with Commonwealth Bank – the nation’s largest retail lender – down 2.1 per cent to $112.44, just ahead of its position at the start of the year.
Of the remaining big four banks, Westpac retreated 2.3 per cent to $24.55, NAB sank 1.7 per cent to $33.36 and ANZ was off 2.2 per cent to $28.36.
In corporate news, Star Entertainment plunged 14.4 per cent to 42c to be the biggest laggard on the benchmark as a second inquiry into its flagship Sydney casino in just 18 months continued to deliver bad news for the embattled gaming giant.
Suncorp skidded 1.3 per cent to $15.83 after flaws in the bank’s stress test were revealed, leading management to file a prudential breach with APRA, the banking regulator.
Investment and superannuation platform Hub24 slipped 2.1 per cent to $39.8 even as it reported $100bn worth of funds under administration.
After its chief executive Brad Banducci was threatened with jail time over contempt at a Senate inquiry into allegations of price gouging, shares in Woolworths fell 1.2 per cent to $31.88.
News Related
-
-
-
FILE PHOTO: A man walks in the Central Business District on a rainy day, in Beijing, China, July 12, 2023. REUTERS/Thomas Peter/File Photo By Joe Cash, Ellen Zhang and Kane Wu BEIJING/HONG KONG (Reuters) – U.S. furniture company head Jordan England thinks his firm’s Chinese suppliers are among the best ...
See Details:
Analysis-West's de-risking starts to bite China's prospects
-
Independent senators are trying a parliamentary tactic last successful 90 years ago to give first responders PTSD protections and end domestic violence discrimination in the workplace. Senators Jacqui Lambie and David Pocock took four elements of Labor’s larger workplace law reform bill and it passed the Senate against the government’s ...
See Details:
'Beyond a joke' Labor won't ensure PTSD protections: MP
-
-
-
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Rohingyan refugee NZYQ accidentally named in documents published by high court
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Colorado loses commitments of 2 more high school recruits
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Queensland Health issues urgent patient safety alert over national bacteria outbreak
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Townsville Community Pantry 'distressed' by fruit, vegetable waste at Aldi supermarket
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
What Is The Beaver Moon And What Does It Mean For You?
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Labor senator Pat Dodson to resign from politics due to health issues
-
Photograph: Rod McGuirk/AP The stateless Rohingyan refugee who successfully overturned the legality of indefinite immigration detention was accidentally named in documents published by the high court. The man was identified by his surname in a home affairs department email providing an internal update about the case, which was among documents ...
See Details:
Hamas releases 11 more hostages, as Israel agrees to extend ceasefire
OTHER NEWS
Disrupt Burrup Hub group say police have issued move-on notices prohibiting access to the WA site. A group of climate activists and filmmakers say their phones have been seized during ...
Read more »
As individuals, we have unique experiences that affect our mental health and wellbeing, but what about the collective experiences that influence each generation? The mental health of Australians has been ...
Read more »
Syed Ghazaly wants to see the Geraldton abattoir reopen early next year to process 1,000 sheep a day. (ABC Mid West Wheatbelt: Chris Lewis) The new owners of a mothballed ...
Read more »
Carlton coach Michael Voss says he and his players understand there are heightened expectations on them, but insists the Blues are ready to develop individually and in their game plan. ...
Read more »
The Bulldogs’ off-season signing frenzy is set to continue with the club reportedly set to land Cronnor Tracey in a swap deal. The Sydney Morning Herald reports Tracey is expected ...
Read more »
Consumers and impacted businesses are being urged to have their say on the Optus outage, with the federal government laying out the terms of reference for its review into the ...
Read more »
It has been revealed a released immigration detainee is unable to be contacted by authorities. Border Force has referred the matter to the Federal Police as authorities are attempting to ...
Read more »