ASX 200 falls 0.6pc; miners and energy stocks dive; PointsBet soars on SIG buy-in

ASX posts seventh straight loss as energy and materials drag. Nomura tips US recession, Cooper Energy launches raise, PointsBet soars on buy-in and iron ore prices plunge.

Futures point to a weak start for the ASX after its worst week of selling since March 2020. Picture: David Swift / NCA NewsWire

Welcome to the Trading Day blog for Monday, June 20. The Australian share market edges towards a bear market after a seventh straight session in the red as energy and materials sectors tumble.

The S&P/ASX 200 index fell 0.6 per cent to 6433.40 with four of the 11 sectors in the red.

Last week On Wall Street, stocks finished mixed after a volatile session and days of panic selling. The Dow Jones slid 0.1 per cent, the S&P 500 index gained 0.2 per cent and the tech-heavy Nasdaq jumped 1.4 per cent.

Cryptocurrencies are staging a rebound after skittish investor sentiment sent Bitcoin plunging below $US18,500 on Saturday. The largest cryptocurrency was recently trading up 14 per cent to $US20,245, according to CoinDesk. Ethereum and Solana were up more than 20 per cent.

Among commodities, oil prices tumbled on Friday amid concern about the demand for oil as interest rates continue to climb. Nymex crude oil dropped 6.8 per cent to $US109.56 a barrel, but was recently trading higher.

Iron ore futures fell by 2.7 per cent to $US131.38 a tonne and the Australian dollar was trading around US69.30c at the US close.