ASX slips to 11-month low on rate hike fears

The news: The Australian sharemarket has continued its multi-day losing streak to close at its lowest level since November 2022, after higher-than-expected US jobs figures indicated there was still plenty of heat in the US economy, likely requiring higher rates to cool it. The ASX 200 benchmark finished the day at 6,890.20, down 0.77% for the day and almost 2% for the week. The All Ordinaries lost 0.82%. The Australian dollar dipped below USD0.63 at several points during the session.

The numbers: Utilities was the only sector to close the day in the green, up 0.3%, with financials, communication services and energy all shedding more than a percentage point. Financial stocks dragged on the index, as the big four banks, Macquarie and insurance stalwarts Suncorp and QBE all losing between 1.1% and 2.2%.

The context: The ABS will release Australian trade balance figures tomorrow at 11:30am AEDT, following ANZ commodity price data at 11am. European Central Bank President Christine Lagarde will speak at New York's Colombia University overnight.