Australian Shares Down 1.1%, Banks Extend Declines

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Australian Shares Down 1.1%, Banks Extend Declines

By Oliver Gray - The S&P/ASX 200 fell 78.1 points or 1.1% to 7,043 after the first hour of Thursday’s trade, retracing gains of 0.4% in the previous session as risk sentiment soured amid rising yields, with banks and real estate companies extending losses.

ASX 200 Futures were pointing 0.6%.

Among stocks, Financials were down 2.9% as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) fell 2.9%, National Australia Bank Ltd (ASX: NAB ) lost 3%, Westpac Banking Corp (ASX: WBC ) fell 4% and Commonwealth Bank Of Australia (ASX: CBA ) lost 4%.

Real estate fell 1.8% overall with Mirvac Group (ASX: MGR ) down 0.5%, Charter Hall Group (ASX: CHC ) falling 1.5%, Goodman Group (ASX: GMG ) down 2.2% and Scentre Group Ltd (ASX: SCG ) falling 0.7%.

Materials were 0.6% lower overall with Rio Tinto Ltd (ASX: RIO ) up 0.6%, BHP Billiton Ltd (ASX: BHP ) down 0.1%, Fortescue Metals Group Ltd (ASX: FMG ) up 0.3%, Arizona Lithium Ltd (ASX: AZL ) losing 6.3% and Lake Resources NL (ASX: LKE ) down 4.5%.

Energy added 0.9% with Woodside Energy Ltd (ASX: WDS ) adding 1.7%, Santos Ltd (ASX: STO ) down 0.2% and Beach Energy Ltd (ASX: BPT ) gaining 1.3%

Meantime, Magellan Financial Group Ltd (ASX: MFG ) added 3.6% after co-founder Hamish Douglass announced that he will take a consultancy role within the company.

On the bond markets, Australia 10-Year rates were at 8-year highs of 3.585% while United States 10-Year yields were at 3.036%.

In New Zealand, the NZX 50 fell 0.4% to 11,217.7.

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