Trading Day: ASX drops after Wall Street fell

Stocks have closed 0.7 per cent lower after NSW extends Covid lockdown until late August. Nickel Mines was the biggest loser on the ASX200, down 11 per cent. Inflation up 0.8 per cent in the June quarter.

The ASX 200 hit a record high on Tuesday. Picture: Jeremy Piper

Welcome to the Trading Day blog for Wednesday, July 28. Australian stocks have closed 0.7 per cent lower after the NSW government extended the lockdown in Greater Sydney until the end of August. The local market followed falls on Wall Street ahead of the Fed meeting and results from tech giants. Nickel Mines was the biggest loser on the ASX200, down 11 per cent.

Australian shares closed 0.7 per cent lower on Wednesday after investors dumped shares on Wall Street and across Europe. The S&P 500 dropped 0.5 per cent, the Dow  fell 0.2 per cent and the Nasdaq declined 1.2 per cent. European markets also fell and Asian bourses extended losses as traders were spooked by China’s latest crackdown on a range of industries. Locally, inflation rose 0.8 per cent in the June quarter and Rio Tinto releases its half-year results.