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Delayed Australian Stock Exchange  -  02:10 2022-06-15 am EDT
13.09 AUD   +0.31%
07/07Crown Resorts Limited Announces Executive Changes
07/06Australia's Crown taps Wynn Macau COO as top boss after Blackstone takeover
07/06Australia's Crown Resorts names Wynn Macau COO as top boss
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Australian shares post biggest weekly drop in 2 years amid broad sell-off

06/10/2022 | 02:48am EDT

June 10 (Reuters) - Australian shares ended the week in red to mark their biggest weekly fall in two years amid a global equities sell-off on weak commodity prices, with investors refraining from placing big bets ahead of U.S. inflation data due later in the day.

The S&P/ASX 200 index ended 1.25% lower at 6,932.0 on Friday. For the week, the benchmark lost 4.2% and snapped its third weekly gain.

Global market sentiment was also downbeat as investors anxiously await U.S data, which is expected to show consumer prices to remain elevated.

Gold stocks lost nearly 2% and led the losses in the benchmark index on weak bullion prices, with the country's largest gold miner Newcrest Mining down 1.4%.

"We are seeing the profits that we have been making in the commodities getting taken off today and there is a general sense of concern and more uncertainty in the market ... with the main focus on is inflation and response by central banks," said Brad Smoling, managing director at Smoling Stockbroking.

Renewed COVID-19 measures in Beijing further dented market sentiment, with local miners dropping 1.08% to their worst week since May 13 on tepid iron ore prices.

Mining heavyweights BHP Group and Rio Tinto skidded more than 3% each.

Financials lost 1.6%, marking their worst week since March 2020, with the "Big Four" banks sliding between 0.7% and 1.5%.

Markets could expect more pain if the U.S. inflation numbers come in high, Smoling added.

Shares of Crown Resorts Ltd, Australia's largest casino operator, rose 0.6% after regulators in the state of Western Australia cleared its $6.3 billion buyout by U.S. private-equity giant Blackstone Inc.

In New Zealand, the benchmark S&P/NZX 50 index closed 0.7% lower at 11,136.28, and saw its worst weekly loss since May 13.

(Reporting By Navya Mittal in Bengaluru; Editing by Sherry Jacob-Phillips)

© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BHP GROUP LIMITED -0.82% 38.83 Delayed Quote.-5.66%
BLACKSTONE INC. 1.41% 107.25 Delayed Quote.-18.07%
CROWN RESORTS 0.31% 13.09 End-of-day quote.9.45%
NAVYA 1.23% 0.3796 Real-time Quote.-81.80%
NEWCREST MINING LIMITED -1.14% 19.11 Delayed Quote.-21.94%
S&P/ASX 200 -0.54% 7032.5 Real-time Quote.0.00%
All news about CROWN RESORTS
07/07Crown Resorts Limited Announces Executive Changes
07/06Australia's Crown taps Wynn Macau COO as top boss after Blackstone takeover
07/06Australia's Crown Resorts names Wynn Macau COO as top boss
07/01South Australia to review Skycity's Adelaide casino amid broader scrutiny
06/24SECTOR UPDATE : Financial Stocks Climb Pre-Bell Friday
06/24Crown Resorts to Redeem Subordinated Bonds
06/24Blackstone Acquires Crown Resorts for Undisclosed Sum
06/24Blackstone Entity Implements Scheme of Arrangement for Crown Resorts Takeover
06/24THE BLACKSTONE GROUP INC. (NYSE : BX) completed the acquisition of remaining 90% stake in ..
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Financials ()
Sales 2022 2 011 M - -
Net income 2022 -146 M - -
Net Debt 2022 - - -
P/E ratio 2022 -59,5x
Yield 2022 -
Capitalization 8 864 M 6 308 M -
Capi. / Sales 2022 4,41x
Capi. / Sales 2023 2,71x
Nbr of Employees 12 489
Free-Float -
Duration : Period :
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Managers and Directors
Steven B. McCann Chief Executive Officer, Director & MD
Alan McGregor Chief Financial Officer & Secretary
Zygmunt Edward Switkowski Independent Non-Executive Chairman
Sarah Jane Halton Independent Non-Executive Director
Nigel Barclay Morrison Independent Non-Executive Director