ASX 200 Falls to Fresh 2-Month Lows

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ASX 200 Falls to Fresh 2-Month Lows

By Oliver Gray - The S&P/ASX 200 finished Tuesday’s trade down 69.50 points or 0.98% to 7,051.20, extending losses for the third consecutive session and closing at fresh 3-month lows as market participants retreated amid growing concerns of a global recession.

Among stocks, Materials dipped 2.6% collectively as Iron ore and Copper prices fell. Rio Tinto Ltd (ASX: RIO ) dipped 3.6%, BHP Billiton Ltd (ASX: BHP ) fell 2.6%, Fortescue Metals Group Ltd (ASX: FMG ) lost 2.7% and Lake Resources NL (ASX: LKE ) dipped 3.1%

Energy companies also lost 2.2% overall as Oil prices tumbled on fears about slowing demand from China. Woodside Petroleum Ltd (ASX: WPL ) lost 2.6%, Santos Ltd (ASX: STO ) fell 1.7%, Beach Energy Ltd (ASX: BPT ) shed 3.9% and Viva Energy Group Ltd (ASX: VEA ) lost 2.9%.

Financials finished 0.8% lower with Macquarie Group Ltd (ASX: MQG ) falling 1.1%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) down 0.9%, National Australia Bank Ltd (ASX: NAB ) gaining 0.3% and Commonwealth Bank Of Australia (ASX: CBA ) down 0.9%.

On the bond markets, Australia 10-Year rates were at fresh 8-year highs of 3.565% while United States 10-Year yields were at 4-year highs of 3.07%

In New Zealand, the NZX 50 fell 1.3% to 11,229.

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