ASX 200 hits one-month low; miners and banks fall as Magellan gains
ASX drops to a one-month low on miners and banks. Magellan rises on Douglass return, Crown gains on Blackstone nod, Westpac tumbles on UBS downgrade and travel stocks fall.
Welcome to the Trading Day blog for Thursday, June 9. The Australian share market fell to one-month low as blue chip miners and major banks retreated late in the session. It follows Hamish Douglass returning to Magellan and Blackstone receiving approval for Crown in Sydney and Melbourne.
The benchmark index fell 1.4 per cent to 7019.70 with materials and financials sector hardest hit.
The Dow Jones slid 0.8 per cent, the S&P 500 index lost 1.1 per cent and the tech-heavy Nasdaq dropped 0.7 per cent.
A day after the World Bank cut its growth forecasts, the OECD warned that the global economy would pay a “hefty price” for Russia’s invasion of Ukraine and inflation would keep rising.
Among commodities, global oil prices jumped overnight amid shrinking crude stockpiles in the US and lower gasoline inventories. Nymex crude oil jumped 2.3 per cent to $US122.11 a barrel and Brent traded 2.5 per cent higher to $US123.58 a barrel.
Iron ore was little changed at $US145.88 a tonne and the Australian dollar was trading around US71.95c.
Originally published as ASX 200 hits one-month low; miners and banks fall as Magellan gains
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