Australian shares fell for a fourth straight day on Wednesday, with mining and gold stocks leading the declines, as caution around US inflation data amid risks of sharp interest-rate hikes and a global recession weighed on equities.
The S&P/ASX 200 index slid 0.5% to 7,018.80 by 0035 GMT, after having ended 1% lower on Tuesday.
Markets have been volatile across asset classes as a combination of surging inflation and fears that monetary tightening aimed to tame inflation would slow down global economic growth.
In Asia, Japan’s Nikkei shed 0.36% and S&P 500 E-minis futures were up just 0.06%.
Domestic gold stocks dropped 2% and marked a fourth consecutive losing session.
Sector major Newcrest Mining fell 2.4%.
Bullion prices fell overnight as the dollar resumed strengthening and cautious investors shifted focus to the US inflation data due later in the day.
Miners, too, were down for a fourth straight session as they tracked iron ore and base metal prices lower, to slump 1.4%.
Sector heavyweights BHP Group and Rio Tinto declined 1.2% and 0.2% respectively.
Iron ore prices fell on Tuesday as the demand outlook was pressured by COVID-19 lockdowns in China.
Australian shares end at three-month low as growth fears sap risk appetite
Energy stocks retreated 0.7% as oil prices slumped, while financials lost 0.5%. Bucking the trend, healthcare stocks rose 1% and were the only gainers on the benchmark.
Agribusiness firm Graincorp Ltd fell 2.6% amid a weak broader market, even as it reported around five-fold jump in first-half profit. In New Zealand, the benchmark S&P/NZX 50 index was up 0.2% at 11,256.12.
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