AU Evening Wrap: Australia Shares Dip Amid Decline in Iron-Ore Mining Shares
Market Performance
The $.XJO.AU$ in Australia concluded the day with a 0.8% decrease, settling at 7763.2 as iron-ore mining stocks retreated. From the opening bell, the benchmark index descended and continuously eroded throughout the session, closing in negative territory despite a favorable lead from U.S. stock markets.
The broader market saw weakness as well, with nine out of eleven sectors ending the day on a lower note. The financials sector was not spared, dropping by 0.3%. Leading banks such as $WBC.AU$ and $CBA.AU$ recorded losses of 0.3% and 0.5%, respectively. Additionally, insurers including $NHF.AU$, $QBE.AU$, and $SUN.AU$ faced declines of 1.15% to 2.3%, contributing to the day's bearish sentiment.
Top News
Decline Observed in Australian New Housing Loans for May
In May, the Australian housing market experienced a downturn in the issuance of new loans, with a decline of 1.7% bringing the total to AU$28.8 billion. This data, published by the Australian Bureau of Statistics on Monday, reflects a cooling in the housing loan sector. Specifically, loans for owner-occupiers decreased by 2%, amounting to AU$18.13 billion. Concurrently, loans for new investors witnessed a reduction of 1.3%, settling at AU$10.67 billion. Despite this monthly decrease, a year-on-year comparison reveals a significant increase of 18% in the overall value of new housing loans. This growth includes a rise of over 12% in owner-occupier loans and an impressive surge of nearly 30% in loans to new investors.
Source: Dow Jones Newswires, AFR, ASX
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