ASX 200 Finishes the Week 4.2% Lower, Real Estate Falls 2.9%

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ASX 200 Finishes the Week 4.2% Lower, Real Estate Falls 2.9%

By Oliver Gray 

Investing.com - The S&P/ASX 200 lost 87.70 points or 1.25% to 6,932 during Friday’s session, extending losses of 1.4% yesterday and finishing the week 4.2% lower as surging bond yields and persistent inflation fears sapped risk appetite.

Among stocks, real estate companies were the worst hit, falling 2.9% overall as Mirvac Group (ASX: MGR ) fell 1.4%, Charter Hall Group (ASX: CHC ) dipped 2.7%, Goodman Group (ASX: GMG ) lost 2.8% and Scentre Group Ltd (ASX: SCG ) fell 3.3%.

Energy companies were 1.6% lower collectively, with Woodside Energy Ltd (ASX: WDS ) down 1.6%, Santos Ltd (ASX: STO ) falling 1.5%, Beach Energy Ltd (ASX: BPT ) down 1.1% and Viva Energy Group Ltd (ASX: VEA ) falling 2%.

Financials finished 1.6% lower as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lost 1.2%, National Australia Bank Ltd (ASX: NAB ) dipped 0.7%, Westpac Banking Corp (ASX: WBC ) fell 1.5%, Commonwealth Bank Of Australia (ASX: CBA ) eased 1.2% while Macquarie Group Ltd (ASX: MQG ) dipped 3.5%.

Materials declined 1.1% as Rio Tinto Ltd (ASX: RIO ) retreated 1.3%, Fortescue Metals Group Ltd (ASX: FMG ) lost 0.5%, Champion Iron Ltd (ASX: CIA ) dipped 2.4% while Lynas Rare Earths Ltd (ASX: LYC ) dipped 5.7% and Piedmont Lithium Ltd (ASX: PLL ) lost 5.1%.

On the bond markets, Australia 10-Year yields were at 3.676%, the highest level since September 2014, while United States 10-Year rates were at 3.049%.

In New Zealand, the NZX 50 lost 0.7% to 11,136.

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