Tech stocks, a2 Milk drag shares lower ahead of US inflation data
Australian shares fell on Wednesday, dragged down by losses in technology stocks ahead of the US inflation data and a2 Milk after the US Food and Drug Administration deferred its request to import infant milk formula products into the United States.
In Australia and New Zealand, dairy producer a2 Milk was the top loser on both the benchmarks, slipping 7.2% and 6.9%, respectively.
Fortescue Metals $Fortescue Ltd (FMG.AU)$declined 0.2%, while Rio Tinto $Rio Tinto Ltd (RIO.AU)$ added 0.4%.
Commonwealth Bank of Australia $CommBank (CBA.AU)$ retreated 0.7% even as the country’s biggest lender posted its highest annual cash earnings in four years. The other three of the “Big Four” banks fell between 0.4% and 1.4%.
Among individual stocks, GrainCorp $GRAINCORP (GRCLF.US)$ jumped 7.4% as the agribusiness firm raised its annual profit forecast for the second time.
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