ASX 200 Tumbles 2% at Close
The ASX 200 plunged 175 points, or 2.0%, on Thursday, its steepest one-day fall since early March, finishing at 8,614, the lowest since mid-June. Australian markets snapped a three-session rebound as sentiment soured on surging U.S. bond yields, sticky inflation, and renewed fears of further tightening by the Reserve Bank. Analysts also cautioned that continued hikes could trigger the country’s worst property slump in three decades. Trade data also weighed, with August’s surplus shrinking to a three-month low as imports outpaced exports. Still, stronger U.S. stock futures capped further weakness, as traders await Friday's U.S. monthly job reports. Heavy selling gripped local markets, led by energy minerals, logistics, transport, and financials. The big four banks fell between 0.9% and 3.3%, while Northern Star Resources (-4.1%), CSL (-3.3%), and Woodside (-3.1%) also posted sharp declines. Suncorp Group tumbled 7.4% after denying takeover talks with Japan’s Tokio Marine.
0%, on Thursday, its steepest one-day fall since early March, finishing at 8,614, the lowest since mid-June. S. bond yields, sticky inflation, and renewed fears of further tightening by the Reserve Bank. Analysts also cautioned that continued hikes could trigger the country’s worst property slump in three decades.
Trade data also weighed, with August’s surplus shrinking to a three-month low as imports outpaced exports. S. S. monthly job reports.
Heavy selling gripped local markets, led by energy minerals, logistics, transport, and financials. 1%) also posted sharp declines. 4% after denying takeover talks with Japan’s Tokio Marine.