Australia Market tumbles 1.9%

The Australian share market finished session at six-week low on Wednesday, 19 May 2021, on tracking cues from Wall Street's weak overnight finish amid renewed inflation fears. Meanwhile selloff pressure fuelled further amid increased tensions between Beijing and Washington and on caution ahead of the minutes of the Federal Reserve's last policy meeting due later in the day.

At closing bell, the benchmark S&P/ASX200 declined 134.32 points, or 1.9%, to 6,931.66, its lowest close since April 7. The broader All Ordinaries dropped 133.32 points, or 1.83%, to 7,165.75.

All sectors closed in the red, with materials the worst performer down 3%. Some of the biggest losers were BHP, down 3.4%, Rio Tinto (RIO), down 3.8%, and Fortescue Metals Group (FMG), down 3.1%.

Energy also saw significant falls, as crude oil extended losses after falling over 1% overnight. Woodside Petroleum (WPL) was down 2.6%, while Santos (STO) retreated 2.2%.

Financials fell 1.8%, with CBA 2.5% lower, NAB down 1.3%, Westpac (WBC) 1.1% off, while ANZ slid 1.4%.

ECONOMIC NEWS: Australia Wage Price Index Up 0.6% In Q1- Australia wage price index was up a seasonally adjusted 0.6% on quarter in the first three months of 2021, the Australian Bureau of Statistics said on Wednesday, and was unchanged from the three months prior. On a yearly basis, the WPI advanced 1.5%.

Meanwhile, the latest survey from Wetspac Bank and the Melbourne Institute revealed that the consumer confidence index in Australia fell 4.7% sequentially to a score of 113.1 in May from an eleven-year high of 118.8 in April.

CURRENCY NEWS: The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 89.726 following a recent slip from above 90. The Australian dollar traded at $0.7771, higher than levels around $0.774 seen earlier this week.

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