On Friday, the ASX 200 Index fell 0.14% during the morning session. Banking and mining stocks contributed to the morning’s decline.
Mining giants Fortescue Ltd (FMG) and BHP Ltd. (BHP) posted losses of 1.32% and 0.35% respectively. The iron ore spot reflected market concerns ahead of Saturday’s MoF press conference, falling 1.20% on Friday morning.
Uncertainty over the Fed’s interest rate path, following last night’s US data, weakened demand for high-yield bank stocks. Commonwealth Bank of Australia (CBA) and Westpac Banking Corp. (WBC) posted losses of 0.65% and 0.36%, respectively.
However, overnight gains in gold and oil prices helped limit the ASX 200’s losses, supporting demand for gold and oil-related shares.
Looking ahead
Investors should remain alert and focus on Beijing, central banks and the Middle East. Closely monitor news reports, real-time data and expert commentary to adjust your trading strategies accordingly. Stay up to date with the latest news and analysis to effectively manage positions in the Asian stock markets.