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Australia: Market drops on weak US, China data

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Headline indices of financial market closed down on Monday, 11 March 2019, as risk sentiments subdued after weak U. S. employment data and disappointing Chinese data raised worries over the strength of the global Every sector was down except telecom, with and materials shares leading losses. At closing bell, the benchmark S&P/ASX200 index fell 23.57 points, or 0.38%, at 6,180.19 points, while the broader All Ordinaries dropped 23.80 points, or 0.38%, at 6,263.28.

Market commenced trading with backfoot after payroll data from the on Friday showed employment growth in the world's largest almost stalled in February, adding to signs of a cooling Risk sentiment was also dampened by weak Chinese inflation and new loans data released on the weekend, adding to dismal trade figures on Friday and pointed to lacklustre demand in Australia's largest trading partner.

Shares of materials and sectors declined. Santos, Woodside Petroleum, Oil Search, and were down between 1.73% and 2.44%.

Mining giant was down 1%, down 0.7%, down 0.3% and down 2.3%.

Gold stocks jumped after the price of jumped one%, with - which said it bought a majority stake in Canadian copper and gold - up 3.8%, up 4.5% and up 4.3%.

Financial stocks declined after chief executives of Australia's largest lenders appeared before a parliamentary hearing on Friday. The chiefs of other major banks are expected to appear later this month. Adding to the sector's woes, Australia's corporate watchdog rebuked banks and financial services firms on Monday for delays in fixing that resulted in customers paying fees for services they had not received. fell 2.3%, while Commonwealth Bank of and National Bank edged lower.

CURRENCY: The was up against the U. S. on Monday. The Aussie is buying 70.42 US cents, from 70.01 US cents on Friday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 11 2019. 12:52 IST