ASX 200 Closes at Near 10-Week Low
The ASX 200 lost 77 points, or 0.9%, to finish at 8,673 on Tuesday, extending last week’s slide and hitting its lowest since early July. Sentiment soured as U.S. stock futures dipped and the 10-year Treasury yield surged to a 2007 high around 5% ahead of the Fed’s policy meeting, with markets leaning toward a 25bp hike. August data from main trading partner China showed mixed signals, with retail sales slowing and unemployment ticking up, though industrial output improved. Locally, traders priced in an 85% chance the Reserve Bank of Australia will lift rates later this month, with Governor Bullock set to testify that further tightening may be needed to tame inflation. Losses were broad, led by healthcare, non-energy minerals, and financials, though consumer sectors offered some support. The big four banks slid 0.4%—1.6%, while Macquarie (-2.8%) and BHP Group (-2.4%) also lagged. Gold miners dropped as bullion fell, with Northern Star Resources down 2.4% and Evolution Mining off 3.4%.
9%, to finish at 8,673 on Tuesday, extending last week’s slide and hitting its lowest since early July. S. stock futures dipped and the 10-year Treasury yield surged to a 2007 high around 5% ahead of the Fed’s policy meeting, with markets leaning toward a 25bp hike. August data from main trading partner China showed mixed signals, with retail sales slowing and unemployment ticking up, though industrial output improved.
Locally, traders priced in an 85% chance the Reserve Bank of Australia will lift rates later this month, with Governor Bullock set to testify that further tightening may be needed to tame inflation. Losses were broad, led by healthcare, non-energy minerals, and financials, though consumer sectors offered some support. 4%) also lagged. 4%.