ASX 200 Posts Worst Week Since March 2020

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ASX 200 Posts Worst Week Since March 2020

By Oliver Gray - The S&P/ASX 200 finished Friday’s session down 116.3 points or 1.8% to 6,474.8, falling 6.7% for the week amid growing fears of an economic downturn as central banks across the world raise interest rates to fight stubbornly high inflation.

Among stocks, Materials led the losses, down 2.8% as Rio Tinto Ltd (ASX: RIO ) fell 4.2%, BHP Billiton Ltd (ASX: BHP ) lost 3.4%, Fortescue Metals Group Ltd (ASX: FMG ) dipped 5.3%, Champion Iron Ltd (ASX: CIA ) shed 5.9% and Pilbara Minerals Ltd (ASX: PLS ) fell 1.4%.

Information Technology retreated 2.4% as Block Inc (ASX: SQ2 ) tumbled 7.8%, Appen Ltd (ASX: APX ) fell 1.7%, Megaport Ltd (ASX: MP1 ) lost 1.2%, Novonix Ltd (ASX: NVX ) added 0.8%, Xero Ltd (ASX: XRO ) fell 5.6% and Altium Ltd (ASX: ALU ) gained 0.3%.

Financials dropped 2.2% with Macquarie Group Ltd (ASX: MQG ) down 3%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) dropping 1.6%, Commonwealth Bank Of Australia (ASX: CBA ) down 3.6%, National Australia Bank Ltd (ASX: NAB ) down 1.7% and Westpac Banking Corp (ASX: WBC ) falling 0.7%.

On the bond markets, Australia 10-Year rates were at 4.135% while United States 10-Year yields were at 3.26%.

In New Zealand, the NZX 50 was down 0.5% to 10,589.2.

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