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Australian Shares Fall as US Tech Earnings and RBA Rate Fears Weigh
Australian sharemarket falls as the ASX 200 closes down 0.58 per cent on US tech earnings and RBA rate worries.
Key points
- The ASX 200 finished 51.6 points, or 0.58 per cent, down at 8856.5.
- Eight of the 11 ASX sectors finished in the red, while Westpac shares rose 1.01 per cent after a $6.8b full-year profit.
- NAB shares dived 1.45 per cent to $40.91, while Commonwealth Bank slid 1 per cent to $165.05.
Why it matters. The RBA's rate decision on Tuesday could deliver another rate hike, which could put homeowners and investors on edge.
The sharemarket closed lower on Monday, with the benchmark ASX 200 down 51.6 points, or 0.58 per cent, at 8856.5. Capital.com analyst Kyle Rodda said US tech earnings had missed expectations overall. Brent Crude slumped 2.88 per cent to US$110.17 a barrel, while gold rose 0.76 per cent to US$3905.19 an ounce. Investors are also waiting on the RBA's rate decision on Tuesday, which could deliver another rate hike.
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Australian Shares Fall as US Tech Earnings and RBA Rate Fears Weigh
Australian shares closed lower on Monday in a modest start to the trading week. The benchmark S&P/ASX 200 finished down 51.6 points, or 0.58 per cent, at 8856.5. The All Ordinaries slid 48.2 points, or 0.53 per cent. Traders pointed to uneven earnings from US technology companies and mounting uncertainty ahead of the Reserve Bank of Australia's looming interest rate decision as the main drags on the market.