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-- 239.270 AU Evening Wrap: Australia Shares Fall 0.5% for Third Straight Decline
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.5% lower at 7628.2, slipping to a third straight decline amid weakness in shares of large banks and miners. The benchmark index, which was coming off its largest decline in almost five weeks after hotter-than-expected April inflation data, opened lower following a soft lead by U.S. equities and spent the whole session in the red.
The heavyweight materials sector lost 1.9%. $BHP Group Ltd (BHP.AU)$ fell 1.7% after withdrawing a plan to acquire Anglo American. Iron-ore rivals $Rio Tinto Ltd (RIO.AU)$ and $Fortescue Ltd (FMG.AU)$ shed 1.5% and 3.1%, respectively.
Banks $National Australia Bank Ltd (NAB.AU)$, $CommBank (CBA.AU)$, $Westpac Banking Corp (WBC.AU)$ and $Macquarie Technology Group Ltd (MAQ.AU)$ edged lower by between 0.1% and 0.6%.
Top News
China Lifts Ban on Most Australian Beef Exporters, According to Australian Officials
According to the Australian government, China has lifted suspensions on five Australian meat exporters, indicating a gradual improvement in relations between the two countries.
BHP CEO Accuses Anglo American of Withholding "Key Information" During Failed Bid
Mike Henry, the CEO of BHP, has claimed that the company's failed bid for Anglo American was impeded by Anglo American withholding crucial information necessary to finalize the deal. He stated that regulatory risks in South Africa related to Anglo American's holdings in the region, as well as costs, ultimately prevented the two companies from reaching an agreement.
Source: Dow Jones Newswires, AFR, ASX
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