AU Evening Wrap | ASX 200 falls to a six-week low amid widespread selling, impacted by the U.S. market setbacks

Top gainers: $Insignia Financial Ltd (IFL.AU)$, $QBE Insurance Group Ltd (QBE.AU)$ and $Champion Iron Ltd (CIA.AU)$

Top losers: $Megaport Ltd (MP1.AU)$, $Zimplats Holdings Ltd (ZIM.AU)$ and $Block Inc (SQ2.AU)$

$S&P/ASX 200 (.XJO.AU)$ fell 1.7%, or 141.2 points , at 8168.2 points after the Federal Reserve lowered its forecast for rate cuts in 2025 from three to two, triggering a general sell-off.

All 11 sectors ended the session lower. Australia's four largest banks were all down more than 2% during the trading session. In the technology sector, $Xero Ltd (XRO.AU)$ fell by 2.6%. The real estate sector, which is often affected by interest rate changes, also sold off, with shares of $Goodman Group (GMG.AU)$ , a major commercial real estate company, down by 2.3%.

The Federal Reserve's decision to reduce the frequency of interest rate cuts has had a negative impact on copper mining companies, with the market anticipating that fewer rate cuts could suppress demand for the metal. Consequently, $Sandfire Resources Ltd (SFR.AU)$ declined by 2.8%, while $Capstone Copper Corp (CSC.AU)$ dropped by 4.5%.

Biotech company $Mesoblast Ltd (MSB.AU)$ saw its shares surge by 54% after the US Food and Drug Administration approved "Ryconcil", its cell therapy, for treating a life-threatening complication during bone marrow transplants.

$Patriot Battery Metals Inc (PMT.AU)$ climbed 15.9% following Volkswagen's $76.8 million investment for a 9.9% stake in this lithium mining company.

$Woodside Energy Group Ltd (WDS.AU)$ and $Chevron (CVX.US)$ reach agreement to exit their joint $34 billion Wheatstone LNG venture in Western Australia.

$ANZ Group Holdings Ltd (ANZ.AU)$ fell by 2.6%, reflecting a broader market sell-off in banking stocks and a significant protest vote where over a third of shareholders rejected its remuneration report.

$Elders Ltd (ELD.AU)$ dipped by 1.4% as the stock traded ex-dividend on Thursday. Chairman Ian Wilton reassured shareholders that CEO Mark Allison's remuneration package was "fair and suitable," following a pay dispute from the previous year.

$Incitec Pivot Ltd (IPL.AU)$ dipped by 2.9% after announcing a net loss of $311 million for the 2024 financial year to its shareholders.