Australian stocks slide on weak US consumer data; gold stocks fall
June 29 (Reuters) – Australian shares fell on Wednesday, with selling seen across most sub-sectors, as a drop in US consumer confidence in June dampened investor sentiment amid a series of interest rate hikes. global interest and recession-related concerns.
Data released on Tuesday morning showed the U.S. consumer confidence index was at its lowest since February 2021, with short-term expectations hitting their most pessimistic level in nearly a decade.
This caused the S&P/ASX 200 Index .AXJO down 1.2% at 6,681.1 at 0053 GMT, and putting it on track to snap a four-day winning streak. The benchmark had added 0.9% in the previous session.
Major Losses, Gold Stocks .AXGD fell 4.3% – its lowest level since March 2020 – on weak bullion prices. GOL/
Newcrest Mining NCM.AX slipped 3.1%, and Northern Star Resources NST.AX fell 4.6%.
Tech stocks .AXIJ fell 2.5%, mirroring losses among Wall Street peers, with all three U.S. indices on track to post two consecutive quarterly declines for the first time since 2015. .NOT
ASX-listed shares of Block Inc SQ2.AX fell 6.5%, while accounting software maker Xero XRO.AX erased 5%.
Technology company Tyro Payments TYR.AX lost up to 20.5%, hitting a record high after the company announced that its CEO, Robert Cooke, was stepping down.
Separately, casino operator Star Entertainment SGR.AX said it named Cooke as CEO. Its shares jumped more than 1.5%.
Liontown Resources lithium miner LTR.AX climbed 17.4% to top gains on the ASX 200 after it said it signed a lithium supply deal with Ford Motor Co FN.
Unlike the dark mood, however, the energetic actions .AXEJ climbed 0.7% on the strength of oil prices. WHERE Woodside Energy WDS.AX and Santos STO.AX added 1.7% and 0.7%, respectively.
New Zealand’s benchmark S&P/NZX 50 index .NZ50 slipped 1% to 10910.22, ending a three-day winning streak.
(Reporting by Roushni Nair in Bengaluru; Editing by Uttaresh.V)
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