Producers of metals and other raw materials sank.
Gold futures settled at their lowest price since April 2020, under pressure as the U.S. dollar soared versus major rivals and short-term bond yields jumped amid fears aggressive monetary tightening by central banks could spark a global recession.
In corporate news, Oz Minerals, the target of a recent takeover bid from BHP Group, said its board has approved the 1.7 billion Australian dollar (US$1.1 billion) West Musgrave copper-nickel project in Western Australia.
Meanwhile, a federal judge ruled U.S. Sugar can proceed with its planned purchase of rival Imperial Sugar, rejecting a Justice Department antitrust challenge to the deal.
The Justice Department, which sued last November to challenge the merger, argued the deal would lead to higher prices for consumers in key parts of the country.
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(END) Dow Jones Newswires