ASX 200 Falls 1.4% as Materials and Financials Retreat

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ASX 200 Falls 1.4% as Materials and Financials Retreat
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 fell 101.40 points or 1.42% to 7,019.70 during Thursday’s trade, erasing gains of 0.4% in the previous session as investors retreated amid surging yields and growing concerns around slowing economic growth.

Among stocks, the Materials sector led losses, down 2.2% as Rio Tinto Ltd (ASX: RIO ) lost 1.2%, BHP Billiton Ltd (ASX: BHP ) fell, 2.4%, Fortescue Metals Group Ltd (ASX: FMG ) lost 0.3% and Champion Iron Ltd (ASX: CIA ) fell 2.6%.

Financials finished 2.1% lower collectively, as Macquarie Group Ltd (ASX: MQG ) lost 0.3%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) fell 2.3%, National Australia Bank Ltd (ASX: NAB ) lost 2.3%, Westpac Banking Corp (ASX: WBC ) dipped 3.7% and Commonwealth Bank Of Australia (ASX: CBA ) declined 2.6%.

Real estate 1.3% with Mirvac Group (ASX: MGR ) down 1.9%, Charter Hall Group (ASX: CHC ) falling 1.4%, Goodman Group (ASX: GMG ) declining 1.7% and Scentre Group Ltd (ASX: SCG ) down 1.1%.

On the bond markets, Australia 10-Year rates were at 8-year highs of 3.608% while United States 10-Year yields were at 3.044%.

In New Zealand, the NZX 50 fell 0.5% to 11,211.

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