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Australian shares fall; focus on Powell's speech, China data

11/29/2022 | 07:39pm EST

Nov 30 (Reuters) - Australian shares slipped on Wednesday, with energy stocks leading the declines, as cautious investors eyed key data from China and U.S. Federal Reserve Chair's speech later in the day to gauge the pace of future interest rate hikes.

The S&P/ASX 200 index slid 0.4% to 7,222.30 by 2357 GMT.

While Fed Chair Jerome Powell will speak on the outlook for U.S. economy and the labour market, China's manufacturing data will also be on investors' radar amid rising protests against COVID-19 curbs in the country.

Local energy stocks fell 1.3% as Brent crude oil futures settled lower on concerns that OPEC+ would keep its output unchanged at its upcoming meeting.

Woodside Energy and Santos fell 0.9% and 1.6%, respectively.

Financials slid 0.7%, with the "Big Four" banks dipping between 0.2% and 0.8%.

Health stocks declined 1% tracking U.S. dollar lower ahead of Powell's speech.

Sector heavyweight CSL Ltd dropped 1.2%.

Local miners added 0.7% as iron ore prices climbed on China's moves to support struggling property developers.

Rio Tinto, BHP Group and Fortescue Metals Group gained 0.3%-1.4%.

Rio Tinto also said it is planning to invest a further $600 million in renewable energy assets in Pilbara.

Gold stocks climbed 0.2% as gold prices rose on hopes of less aggressive Fed rate hikes.

Newcrest Mining gained 0.6%, while Northern Star Resources fell 0.3%.

New Zealand's benchmark S&P/NZX 50 index added 0.6% to 11,460.20. (Reporting by Echha Jain in Bengaluru; editing by Uttaresh.V)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.40% 0.7078 Delayed Quote.4.32%
BHP GROUP LIMITED -0.63% 49.23 Delayed Quote.8.57%
BRENT OIL -1.60% 85.63 Delayed Quote.1.71%
BRITISH POUND / US DOLLAR (GBP/USD) -0.17% 1.2376 Delayed Quote.2.50%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.28% 0.74947 Delayed Quote.1.72%
CSL LIMITED -0.58% 293 Delayed Quote.2.41%
EURO / US DOLLAR (EUR/USD) -0.14% 1.08548 Delayed Quote.1.57%
FORTESCUE METALS GROUP LIMITED -1.33% 22.19 Delayed Quote.9.65%
GOLD -0.23% 1923.74 Delayed Quote.5.72%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.16% 0.012251 Delayed Quote.1.48%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) -0.15% 0.64788 Delayed Quote.2.27%
NEWCREST MINING LIMITED 0.67% 22.57 Delayed Quote.8.62%
NORTHERN STAR RESOURCES LIMITED 0.95% 12.77 Delayed Quote.15.95%
RIO TINTO PLC -1.35% 6291 Delayed Quote.8.50%
S&P GSCI BRENT CRUDE INDEX -0.42% 732.3413 Real-time Quote.0.57%
S&P GSCI CRUDE OIL INDEX -0.51% 434.3417 Real-time Quote.1.18%
S&P/ASX 200 -0.16% 7481.7 Real-time Quote.6.47%
SANTOS LIMITED -0.97% 7.17 Delayed Quote.1.40%
WOODSIDE ENERGY GROUP LTD -0.33% 36.3 Delayed Quote.2.77%
WTI -1.53% 79.018 Delayed Quote.0.75%
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