Australian shares retreated on Thursday, dragged down by losses in commodity-related stocks, as investors looked forward to US inflation data due out on Friday for fresh clues on the Federal Reserve’s monetary policy path.
The S&P/ASX 200 index fell 0.4% to 7,506.30 by 2330 GMT and was set for its worst day since Dec. 5, retreating from a 10-month closing high scaled on Wednesday.
US stocks closed lower on Wednesday after an abrupt mid-afternoon nosedive ended Wall Street’s impressive rally driven by falling interest rates and the Fed’s dovish turn.
In Sydney, heavyweight miners led the fall, shedding 0.9% in what could be their worst day since Dec. 5, if losses hold.
BHP Group and Fortescue fell 1.4% and 1.1%, respectively. Gold stocks dropped 1.2% and were on track for their worst day since Dec. 13, following a decline in bullion prices overnight.
Australian shares rise in broad-based buying, gold stocks lead gains
Northern Star Resources was down 1%, while Evolution Mining slipped 0.3%. Rate-sensitive financials inched lower 0.3%, heading for their worst day since Nov. 27.
The “Big Four” banks fell between 0.1% and 0.7%. Energy stocks lost 0.4%, with Santos, the country’s top energy producer, down 0.3%.
Technology stocks fell 0.7% and were on track for their worst day since Dec. 1. Xero traded 0.4% lower.
Meanwhile, healthcare stocks inched higher 0.1%, extending gains for a 10th session.
New Zealand’s benchmark S&P/NZX 50 index eased 0.1% to 11,565.06.
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