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Australian shares track global equities lower; NZ closed

06/05/2022 | 08:59pm EDT

June 6 (Reuters) - Australian shares fell on Monday, pulled down by a slide in global equities on Friday as U.S. jobs data signalled the Federal Reserve will likely continue raising interest rates to ease inflation.

The S&P/ASX 200 index was down 0.4% at 7,211.80 by 0038 GMT, with most sub-indexes in red. The benchmark closed 0.9% higher on Friday.

In other key markets, Japan's Nikkei was down 0.3% at 27,685.43 and S&P 500 E-minis futures rose 0.1%.

Back home, metals and mining index declined 1%, with Rio Tinto, BHP Group and Fortescue Metals Group falling between 0.5% and 1%.

Financials retreated 0.4%. National Australia Bank and Australia and New Zealand Banking Group dropped 0.7% and 0.3%, respectively.

Domestic technology stocks were the lead laggards on the local bourse, tumbling 1.9% as they tracked Wall Street's weak finish from Friday.

ASX-listed Block, Xero and WiseTech Global were down between 4.7% and 1.8%.

Gold stocks lost 1.3% as prices of the metal fell on Friday. Newcrest Mining and Northern Star Resources were down 0.2% and 1.3%, respectively.

On the upside, energy stocks gained 1.7% and were on track to hit an over two-year high as oil prices rose in early trade after Saudi Arabia raised prices sharply for its crude sales in July.

Oil and gas major Woodside Energy Group climbed 2.2% in its fourth straight session of gains.

Meanwhile, Santos rose 1.4% to hit an over two-year high after the gas producer said on Sunday it is taking steps, along with its joint venture partner Beach Energy, to increase domestic supply of the energy resource.

Separately, a Reuters poll found that Australia's central bank will raise rates by a modest 25 basis points (bps) at its June 7 meeting, while nearly a third of the respondents predicted a larger 40 bps hike.

New Zealand's benchmark S&P/NZX 50 index did not trade on account of a public holiday. (Reporting by Upasana Singh; Editing by Shailesh Kuber)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BEACH ENERGY LIMITED 3.06% 1.85 Delayed Quote.46.83%
BHP GROUP LIMITED -0.82% 38.83 Delayed Quote.-6.43%
FORTESCUE METALS GROUP LIMITED -0.73% 18.94 Delayed Quote.-1.41%
NATIONAL AUSTRALIA BANK LIMITED 0.82% 30.78 Delayed Quote.6.73%
NEWCREST MINING LIMITED -1.14% 19.11 Delayed Quote.-21.94%
NORTHERN STAR RESOURCES LIMITED -2.02% 8.26 Delayed Quote.-12.22%
SANTOS LIMITED 0.84% 7.18 Delayed Quote.13.79%
WISETECH GLOBAL LIMITED -2.45% 52.85 Delayed Quote.-9.78%
WOODSIDE ENERGY GROUP LTD 3.74% 32.77 Delayed Quote.49.43%
XERO LIMITED -2.43% 94.75 Delayed Quote.-33.01%
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