Australia: Shares near two-week low as energy, financial stocks weigh
[BENGALURU] Australian shares slumped to a near two-week low on Thursday, weighed by energy and financial stocks, after an impasse in US stimulus talks tempered market sentiment globally.
Broad-based losses pushed the S&P/ASX 200 index down 1.5 per cent or 90.10 points to 6,101.70 by 2348 GMT. The benchmark gained 0.1 per cent on Wednesday.
The energy index tumbled 2.5 per cent to lead losses, as oil prices fell 3 per cent overnight after US inventory figures showed demand for refined products lagged as global coronavirus cases spiked.
Sector heavyweights Santos and Woodside Petroleum fell about 2 per cent each as the oil and gas producers reported lower quarterly sales.
Wall Street fell overnight with investors fretting if the talks between lawmakers would result in a much-needed coronavirus relief bill as House Speaker Nancy Pelosi expressed doubts over its passage before the presidential elections.
Heavyweight Australian financial stocks slid 1.6 per cent to mark its worst day since Sept 30, pressured by a 5 per cent drop in wealth manager AMP Ltd and losses in the "Big Four"banks.
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Australia and New Zealand Banking Group, National Australia Bank Commonwealth Bank of Australia and Westpac Banking Corp - lost between 1.1 per cent to 2 per cent.
AMP said its Australian arm saw net outflows of A$1.95 billion (S$1.88 billion) over three months ended Sept 30 and flagged further losses of A$450 million in the coming quarter.
The healthcare index fell 0.5 per cent, with industry behemoth CSL falling 1.8 per cent.
In a bright spot, medical centre operator Healius rose 5.8 per cent to top the ASX200 after giving a positive first-quarter update.
In New Zealand, the benchmark S&P/NZX 50 index fell 0.4 per cent to 12,378.2.
Telecom infrastructure company Chorus and Skycity Entertainment Group fell 2.4 per cent and 2.6 per cent, respectively, and were among top laggards.
REUTERS
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