AU Evening Wrap: Australia Shares Slip 0.3% as Commodity Stocks Fall
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.3% lower at 7700.3, slipping to a fourth decline in five sessions on continued weakness in commodity stocks. With U.S. stocks providing a soft lead at the end of last week, the benchmark bounced between narrow gains and losses before falling away in the last couple of hours.
The heavyweight materials sector lost 1.1% as iron-ore miners $Fortescue Ltd (FMG.AU)$, $BHP Group Ltd (BHP.AU)$ and $Rio Tinto Ltd (RIO.AU)$ shed between 0.95% and 1.7%. The trio are down by 7.1%, 4.4% and 8.4%, respectively, so far this month.
Coal and oil stocks also lost ground, pulling the energy sector down by 1.5%.
Banks $CommBank (CBA.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$, $Westpac Banking Corp (WBC.AU)$ and $National Australia Bank Ltd (NAB.AU)$ added between 0.1% and 0.7%.
Top News
China's Central Bank Maintains Key Policy Rate
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China to Include Australia in Visa Waiver Program
Premier Li Qiang announced that Australia will be included in China's visa waiver program, as a positive sign of improving bilateral relations between the two countries. After meeting with Australian Prime Minister Anthony Albanese, Li stated that China and Australia agreed to deepen their economic and trade cooperation in various sectors such as energy, mining, new energy vehicles, green development, and digital economy.
Source: Dow Jones Newswires, AFR, ASX
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