ASX drops amid interest rate cut delay fears; ANZ shifts rate cut to Feb; Bain Capital lobs bid for Bapcor; Beach Energy warns on profit

The local sharemarket has closed sharply in the red on market concerns that US and Australian interest rates will stay higher for longer.

Investors are nervous about the economic outlook.

Welcome to the Trading Day blog for Tuesday, June 11. The Australian sharemarket has lost further ground, with broad falls across the board, led by materials and utilities.

The local sharemarket has closed sharply in the red, amid market jitters that US and Australian interest rates will stay higher for longer.

At the close of trade, the benchmark ASX 200 index was down 1.4 per cent at 7749.1 points. All sectors were in the red, with losses led by materials (-2.6 per cent), real estate (-2.4 per cent), and utilities (-2 per cent).

Financials fell 0.9 per cent, and the big four banks shed between 0.8 per cent and 1.4 per cent. Gold miners were the worst individual performers. Emerald Resources lost 9.2 per cent, as West African Resources slid 8.8 per cent, Genesis Minerals 8.4 per cent and Regis Resources 8 per cent.

But Bapcor jumped 13.3 per cent after fielding a takeover offer from Bain Capital, while Strike Energy rose 11.8 per cent on M&A speculation.

Originally published as ASX drops amid interest rate cut delay fears; ANZ shifts rate cut to Feb; Bain Capital lobs bid for Bapcor; Beach Energy warns on profit

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