ASX slides 1.19% following US market dip
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The news: The benchmark ASX 200 finished 1.19% lower to 7,171 on Thursday, following US markets down after better-than-expected economic data reignited concerns of further interest rate hikes in 2023. Oil prices eased slightly after Russian and Saudi supply cut plans were overwhelmed by pessimism about China, the world's biggest oil consumer. Brent crude futures fell 0.37% to USD90.05, but were still up more than 9% since 24 August, and at highs not seen since November 2022. The Aussie dollar is buying 63.8 US cents.
The numbers: All sectors finished in the red, led by materials stocks (-3.17%), energy stocks (-1.49%) and health care (-0.95%). BHP shares lost 5.04% after trading ex-dividend. Fortescue and Rio Tinto lost more than 2.09 and 2.41% respectively.
The context: The ABS will release labour account data tomorrow. Key Eurozone economic data is due at 7pm AEST this evening, including revised second quarter GDP and total employment figures. FOMC member and Federal Reserve Bank of Philadelphia president Patrick Harker will speak overnight, with Wall Street traders keen to get a sense of direction on interest rates, according to CNBC.
