ASX 200 falls to four-week low on banks, miners; Xero among the gainers

Real estate and energy stocks lead widespread falls on the ASX. Xero among the few gainers, banks extend retreat, Blackstone clears Crown hurdle and Atlas rejects IFM.

Growth concerns continue to weigh on the market after Europe’s central bank cut is outlook overnight. Picture: Jeremy Piper / NCA NewsWire

Welcome to the Trading Day blog for Friday, June 10. The Australian share market falls to its worst week since September 2020 as banks and miners decline amid a plunge in global stocks.

The S&P/ASX 200 index fell 1.3 per cent to 6932.00 with all sectors in the red led by real estate and energy.

Stocks tumbled in the US, with the Dow Jones off more than 600 points,  ahead of a key inflation report that will help determine the trajectory of the Federal Reserve’s interest rate hikes this year.

The Dow Jones slid 1.9 per cent, the S&P 500 index lost 2.4 per cent and the tech-heavy Nasdaq skidded 2.8 per cent.

In Europe, all major indices dropped more than 1 per cent after the European Central Bank cut its growth forecast and said it would start raising the cash rate by 25 basis points next month with even bigger rate hikes potentially on the horizon.

Among commodities, Nymex crude oil slipped 0.5 per cent to $US121.51 a barrel while iron ore lost 1.4 per cent to $US143.82 a tonne overnight.

The Australian dollar was trading around US70.95c near the US close after climbing as much as 71.90 US cents.