News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexCryptocurrenciesCybersecurityPress Releases

Australian shares skid on weak U.S. consumer data; gold stocks drop

06/28/2022 | 09:30pm EDT

June 29 (Reuters) - Australian shares fell on Wednesday, with selling seen across most sub-sectors, as a drop in June U.S. consumer confidence dampened investor sentiment amid a slew of interest-rate hikes globally and recession worries.

Data released on Tuesday morning showed the U.S. consumer confidence index dropping to the lowest since February 2021, with near-term expectations reaching their most pessimistic level in nearly a decade.

That dragged the S&P/ASX 200 index down 1.2% to 6,681.1 by 0053 GMT, and putting it on track to snap a four-day winning streak. The benchmark had added 0.9% in the previous session.

Leading losses, gold stocks tumbled as much as 4.3% — their lowest since March 2020 — due to weak bullion prices.

Newcrest Mining skidded 3.1%, and Northern Star Resources fell 4.6%.

Technology stocks gave up 2.5%, mirroring losses among Wall Street peers, with all three U.S. indexes on course to notch two straight quarterly declines for the first time since 2015.

ASX-listed shares of Block Inc dropped 6.5%, while accounting software producer Xero erased 5%.

Tech firm Tyro Payments lost as much as 20.5%, hitting a record low after the company said its Chief Executive Officer (CEO) Robert Cooke is stepping down.

Separately, casino operator Star Entertainment said it appointed Cooke as its CEO. Its shares jumped more than 1.5%.

Lithium miner Liontown Resources climbed 17.4% to top gains on ASX 200 after saying it signed a lithium supply deal with Ford Motor Co.

Bucking the sombre mood, however, energy stocks climbed 0.7% on upbeat oil prices. Woodside Energy and Santos added 1.7% and 0.7%, respectively.

New Zealand's benchmark S&P/NZX 50 index slid 1% to 10910.22, snapping a three-day winning streak. (Reporting by Roushni Nair in Bengaluru; editing by Uttaresh.V)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
LIONTOWN RESOURCES LIMITED -0.87% 1.705 Delayed Quote.3.61%
NEWCREST MINING LIMITED -2.86% 18.67 Delayed Quote.-21.49%
NORTHERN STAR RESOURCES LIMITED -4.07% 7.77 Delayed Quote.-13.92%
SANTOS LIMITED 2.32% 7.07 Delayed Quote.9.51%
THE STAR ENTERTAINMENT GROUP LIMITED -0.69% 2.89 Delayed Quote.-20.92%
TYRO PAYMENTS LIMITED 9.09% 1.02 Delayed Quote.-67.31%
WOODSIDE ENERGY GROUP LTD 1.13% 32.16 Delayed Quote.45.01%
XERO LIMITED -7.11% 90.65 Delayed Quote.-31.00%
Latest news "Economy & Forex"
04:25aRussian rouble steadies, bonds slightly up on inflation data
RE
04:19aEmirates to suspend Nigeria flights from September over trapped funds
RE
04:17aEmirates to suspend Nigeria flights from September over trapped funds
RE
04:16aAngola to start talks on trade deal with EU in bid to diversify from oil
RE
04:16aIndustrial metals prices fall on U.S. rate hike concerns
RE
04:16aIndia's macro stability outlook improving - Morgan Stanley
RE
04:11aFor some Gaza children, another round of violence reopens trauma
RE
04:11aNorway central bank raises rates by 50 basis points, aims to hike again
RE
04:05aNorway central bank hikes rate by 50 basis points
RE
04:04aPublic sector paralysed as Lebanon lurches towards 'failed state'
RE
Latest news "Economy & Forex"