ASX slips for fifth straight session

ASX slips for fifth straight session

Australian shares prolonged their losses on Thursday to e book a five-day dropping streak as buyers trimmed their bets on the timing of anticipated fee cuts.

The benchmark index, the S&P/ASX200 fell 0.6 per cent, or 46.6 factors on the closing bell, to 7,346.5, dragged decrease by the supplies, vitality and actual property sectors.

The broader All Ordinaries slipped an analogous quantity to 7,575.6.

Against the buck, the Australian greenback was unchanged on the closing bell to purchase US65.54c.

Overnight on Wall Street, shares fell after US Federal Reserve governor Christopher Waller cautioned that any fee cuts this 12 months could be “carefully calibrated and not rushed.”

Fresh jobs knowledge launched by the Australian Bureau of Statistics on Thursday confirmed that whereas the jobless fee remained unchanged at 3.9 per cent in December, the financial system shed some 65,100 positions.

HSBC chief economist Paul Bloxham stated regardless of the decline within the jobs numbers, it appeared unlikely that the labour market began ‘dropping off a cliff’ in December.

“The figures do suggest a continued gradual loosening of jobs market conditions that has now been going on for about 15 months,” he stated.

“We see this, combined with the recent monthly CPI indicator print, as supporting our view that the RBA is done hiking and will be on hold in February.”

The tech-heavy Nasdaq and the S&P500 each fell 0.6 per cent, whereas the Dow Jones eased 0.3 per cent decrease.

Locally, the rate of interest delicate actual property sector was the worst performing, dropping 2.2 per cent. Pexa shed 3.3 per cent to $10.40, Dexus tumbled 3.1 per cent to $7.25 and Charter Hall slipped 2.9 per cent to $11.19.

Materials shares have been additionally decrease at the same time as iron ore futures for the February contract rebounded 2.4 per cent to $US128.75 per tonne on the Singapore Exchange.

Iron ore heavyweight BHP sank 1.8 per cent to $45.73 after posting a 2.2 per cent drop in second-quarter manufacturing for the commodity. The mining large additionally stated earnings in its nickel division would possible be down on the again of decrease costs.

In firm news, gasoline retailer Ampol shed 2.5 per cent to $35.07, after posting a drop in refining volumes and margin at its Lytton refinery in Queensland within the December quarter. The loss got here regardless of the corporate stating that its unaudited alternative value working revenue for 2023 would surpass its 2022 document.

Liontown Resources dived 10.7 per cent to $1.215, its lowest since July 2022, and topped losses within the benchmark index, after lithium large Albemarle sought to promote its 4 per cent stake within the firm.

Originally printed as Australian share market slips for fifth straight session as property sinks

Source: www.dailytelegraph.com.au