AU Evening Wrap: ASX Plummets 2.1% Amid Growth Fears; Uranium Stocks Hit Hard
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ dropped 2.1% to close at 7,943.2, marking its largest one-day loss since March 2023, driven by a global equities selloff following weak U.S. economic data.
The benchmark index opened sharply lower and failed to recover, with all 11 sectors ending in the red. Real estate, tech, and financial stocks were the hardest hit, particularly banks $ANZ Group Holdings Ltd (ANZ.AU)$, $Westpac Banking Corp (WBC.AU)$, $CommBank (CBA.AU)$, and $National Australia Bank Ltd (NAB.AU)$, which collectively represent about 20% of the ASX 200 by market capitalization and fell between 1.8% and 4.1%. Uranium miners $Paladin Energy Ltd (PDN.AU)$, $Boss Energy Ltd (BOE.AU)$, and $Deep Yellow Ltd (DYL.AU)$ also suffered substantial losses, dropping between 11% and 19% after Kazatomprom increased its production forecast. Despite this, the ASX 200 managed to gain 0.3% for the week, supported by optimism that Australia's central bank might cut interest rates by year-end.
![Source: ASX](https://sgsnsimg.moomoo.com/sns_client_feed/151000101/20240802/65e7b7920894453888b98bc738b8047a.png?area=102&is_public=true)
![AU Evening Wrap: ASX Plummets 2.1% Amid Growth Fears; Uranium Stocks Hit Hard](https://sgsnsimg.moomoo.com/sns_client_feed/151000101/20240802/37bd070071774fd98b0d830c79d864da.png?area=102&is_public=true)
![AU Evening Wrap: ASX Plummets 2.1% Amid Growth Fears; Uranium Stocks Hit Hard](https://sgsnsimg.moomoo.com/sns_client_feed/151000101/20240802/8da9e4e15a614e398916b72127c4f19f.png?area=102&is_public=true)
Top News
Block Inc Shines Amid Tech Slump
In the tech sector, Block Inc stood out by rising 5.1% to $100.10 after upgrading its full-year guidance and announcing a new $US3 billion ($4.6 billion) share buyback.
Energy Stocks Slide Despite Oil Price Rebound
In the energy sector, Woodside fell 1.9% to $27.48, and Santos dropped 2.2% to $7.86, even as oil prices slightly recovered. Brent crude futures rose 0.7% to $US80.1 a barrel, and West Texas Intermediate crude increased by 0.7% to $US76.88. However, oil prices were still headed for a weekly loss due to weak fuel demand growth outweighing concerns over supply disruptions from Middle East tensions.
Source: Dow Jones Newswires, AFR, ASX
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
Read more
Comment
Sign in to post a comment
103916021 :![ok_hand 👌](https://static.moomoo.com/nnq/emoji/static/image/img-apple-64/1f44c.png)