2023-05-22 01:21:18
Australian stocks fell slightly on Monday, led by banks and miners, as a break in talks over the US debt ceiling raises concerns over a possible default.
The S&P/ASX 200 index fell 0.1% to 7,270.4 at 0047 GMT. The benchmark index gained 0.6% on Friday.
Negotiations to raise the U.S. debt ceiling were suspended on Friday, shaking market participants as the U.S. nears the deadline to avoid a default.
US President Joe Biden and Republican Speaker of the House of Representatives Kevin McCarthy will meet on Monday to resume debt ceiling negotiations.
In Australia, investors are awaiting April retail sales data, due out May 26, which should set the tone for the central bank’s interest rate decision next month.
In Sydney, miners were down 0.2%, weighed down by bleak demand prospects in China, the main steel producer. Neometals was the biggest loser in the sub-index with a decline of 4.9%.
Financial stocks fell 0.2%, with the “big four” banks losing between 0.1% and 0.7%.
Energy values increased by 1.2%. Sector heavyweights Santos gained 0.8%, while Woodside Energy rose 0.5%.
Gold stocks rose 0.1% as bullion prices extended their gains.
Meanwhile, Tyro Payments tumbled 17.6% following ending talks with Potentia Capital, months following the payment terminal company rejected the proposed A$875 million ($593.5 million) takeover. dollars) of the private equity group.
New Zealand’s benchmark S&P/NZX 50 index fell 0.6% to 12,022.8.
The country’s central bank is expected to raise the key rate by 25 basis points to 5.50% at its May 24 meeting, according to a Archyde.com poll. (Reporting by Poonam Behura; Writing by Subhranshu Sahu)
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