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Australia Market tumbles after Fed dashes early rate cut hopes

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Australia stock market finished session in negative territory on Thursday, 01 February 2024, as investors locked in recent gains after sentiment was dampened by the U.S. Federal Reserve remarks on delaying the anticipated rate cuts.
At closing bell, the benchmark S&P/ASX200 index declined 92.53 points, or 1.2%, to 7,588.19. The broader All Ordinaries index dropped 94.07 points, or 1.19%, to 7,818.75.
All 11 sectors ended lower along with the S&P/ASX 200 Index. Financial was the worst performing sector, falling 1.81%, followed by A-REIT (down 1.62%), industrials (down 1.53%), and information technology (down 1.25%) issues.
The top performing stocks in S&P/ASX200 index were CREDIT CORP GROABCORP HOLDINGS, down 5.58% and 5% respectively. The bottom performing stocks in S&P/ASX200 index were CHALICE MINING and EMERALD RESOURCES NL, down 8.52% and 8.38% respectively.
Shares of banks and financials and realty sectors were biggest drag on the benchmark indexes after Fed spoils rate cut hopes. Among top lenders, CBA stumbled 2.9%, NAB fell 2.2%, Westpac slipped 1.7% and ANZ was down 1%. Macquarie declined 1.2%. Local real estate investment trusts (REITs) Goodman Group (down 0.7%), Westfield shopping centre owner Scentre Group (down 1.6%) and Stockland Corporation (down 2%) also declined.
Materials and resources were also lower. Mining heavyweight BHP declined 0.3% and Fortescue Metal Group retreated 1.3%
ECONOMIC NEWS: Australia Export Prices Rise 5.6% In Q4 2023- Export prices in Australia rose 5.6% on quarter in the fourth quarter of 2023, the Australian Bureau of Statistics said on Thursday - after slipping 3.1% in the previous quarter. Import prices rose 1.1% on quarter after adding 0.8% in Q3. On a yearly basis, export prices were down 4.8% and import prices fell 3.1%.
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First Published: Feb 01 2024 | 2:46 PM IST

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