Dec 7 (Reuters) - Australian shares extended losses on
Wednesday after its central bank crushed hopes of a pause in
monetary policy tightening and flagged further rate hikes, with
investors eyeing the third-quarter GDP data due later in the
The S&P/ASX 200 index fell 0.7% by 2338 GMT. The
benchmark fell 0.5% on Tuesday.
The Reserve Bank of Australia (RBA) raised interest rate by
25 basis points to a 10-year high of 3.1% and stuck with its
projection of further rate hikes to cool inflation.
Investors' now await the third-quarter gross domestic
product (GDP) data, with analysts expecting a growth of 0.7% in
the quarter before the country's current account fell into
deficit for the first time in three years.
Local energy stocks slipped 1.8% and were among the
top losers on the benchmark. Oil and gas majors Woodside Energy
and Beach Energy slid 2% and 6.2%,
Separately, Santos fell 0.3% even as it targeted
higher shareholder returns and announced a further $350 million
increase in share buyback.
Tech stocks lost 2%, tracking losses of its Wall
Street peers as skittish investors fretted over Federal Reserve
rate hikes and further talk of a looming recession.
ASX-listed shares of Block Inc dropped 2.8%, while
network-as-a-service provider, Megaport, slid 4.4% and
was among the top losers on the sub-index.
Financials gave up 1.4% with the so called "Big
Four" lenders losing more than 1% each.
Gold stocks fell 0.6% even as bullion prices firmed
slightly. The country's largest gold miner Newcrest Mining gave
Bucking the trend, miners advanced 0.8% with iron
ore behemoths BHP and Rio Tinto jumping 1.3%
and 2.8% respectively.
New Zealand's benchmark S&P/NZX 50 index fell by
0.4% to 11,583.79 points.
(Reporting by Navya Mittal in Bengaluru; editing by Uttaresh.V)