Australian Shares Down 1.6% in Early Deals

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Australian Shares Down 1.6% in Early Deals
Credit: © Reuters.

By Oliver Gray

Investing.com - The ASX 200 dropped 163.50 points or 2.23% to 7,168.70 in Friday morning deals, reversing gains of 1.88% in the previous session and extending 4-week lows as market participants tracked a negative session on Wall Street.

In coronavirus news, New South Wales recorded 864 locally acquired cases. Victoria reported a near record 1143 cases as infection rates continue to surge, jeopardizing the state’s reopening timeline. Meantime, Queensland tallied 2 fresh cases.

Among stocks, banking names led the losses with Commonwealth Bank Of Australia (ASX: CBA ) down 4.14%, National Australia Bank Ltd (ASX: NAB ) losing 2.69% and Westpac Banking Corp (ASX: WBC ) declining 2.79%. Mining heavyweights also fell, with Rio Tinto Ltd (ASX: RIO ) falling 2.64%, BHP Billiton Ltd (ASX: BHP ) down 2.02% and Fortescue Metals Group Ltd (ASX: FMG ) losing 1.67%.

ASX 200 Futures were dwn 32 points or 0.45%.

On the bond markets, Australia 10-Year yields were at 1.483% while United States 10-Year rates eased to 1.477%.

In New Zealand, the NZX 50 was down 38.16 points or 0.29% to 13237.6.

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