Australia equities track 2nd straight week loss risk
Australian shares inch lower near 9,071 around midday on Friday and are set for a second straight weekly decline after Wall Street losses tied to higher long-dated U.S. Treasury yields.
Australian equities inched lower around midday on Friday, hovering around 9,071 after closing modestly higher in the prior session, heading for the second straight weekly decline.
A sharp drop on Wall Street overnight weighed on sentiment as long-dated U.S.
Treasury yields resumed their march higher, after the government's moves to stem the recent bond market rout failed to ease investor fears about inflation.
Locally, private sector activity slowed in August, with the flash Composite PMI slipping from July's 6-month high amid a decline in manufacturing output.
Caution also grew ahead of July inflation readings next week.
Meanwhile, July employment unexpectedly fell, pushing the jobless rate to a three-month high.
Tech, healthcare, and commercial services weighed though gains in energy minerals, utilities, and communications capped the downside.
Steep losses were seen for Charter Hall (-6.3%), Pro Medicus (-3.3%), Wisetech Global (-2.9%), and Lynas Rare Earths (-2.2%).