Australia Market falls 0.7%

Australian share market finished session lower on Thursday, 26 May 2022, weighed down by losses in miners and retail stocks.

At closing bell, the benchmark S&P/ASX200 fell 49.36 points, or 0.69%, to 7,105.88. The broader All Ordinaries index fell 52.35 points, or 0.71%, to 7,339.33.

Market sentiment remained downbeat amid concerns that tightening global financial conditions will weigh on economic growth. U.S. Fed minutes released Wednesday showed officials are prepared to move ahead with several 50 basis points interest rate hikes. The Federal Open Market Committee also said policy may have to move away from "neutral" and into "restrictive" territory.

The Bank of Korea announced Thursday a 25 basis points increase in its Base Rate to 1.75%, the central bank's second straight rate hike.

Shares of miners were amongst the worst performing stocks today with Rio Tinto falling 1.1% and Fortescue Metals Group erasing 3.7% after a drop in iron ore futures. Coal miner Whitehaven plunged 4.7%.

Software maker Appen soared 29.2% after it received a A$1.2 billion buyout approach from Canada's Telus International.

CURRENCY NEWS: The Australian dollar was at $0.7085 after touching an earlier high of $0.7109.

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