Australian shares slip as elevated bond yields, oil bite
SPY•Australia’s S&P/ASX 200 fell 0.1% to 8,727.70 on Wednesday as elevated global yields and rising oil prices weighed on sentiment. Banks lost 0.6%, miners fell 0.3%, while energy stocks rose 0.5%.
1. Shares end lower
Australian shares ended slightly lower in a choppy session, with the S&P/ASX 200 down 0.1% at 8,727.70 after rising as much as 0.2%. The benchmark had gained more than 1% over the previous three sessions.
2. Banks and miners fall
Banks dropped 0.6%, their worst session in nearly a week. Westpac fell 1.2%. The mining sub-index lost 0.3% as copper prices declined; BHP was down 0.7% and Rio Tinto fell 0.6%.
3. Energy stocks gain
Energy stocks rose 0.5%, lifted by uranium miners after Google signed a 20-year power purchase agreement tied to nuclear energy generation. Deep Yellow, Paladin Energy and NexGen Energy gained between 2.5% and 4.6%. Investors are awaiting minutes from the Reserve Bank of Australia’s policy meeting next week and consumer price data due at the end of October.
