ASX falls 0.5% over concerns over Biden's decision
PUBLISHED
2024-07-22
Content
On Monday, Australian shares declined due to concerns over the potential impact of US President Joe Biden’s decision to end his re-election campaign on financial markets. The S&P/ASX 200 Index fell 0.5% to 7931.7, with declines in mining, energy, and real estate sectors. The materials sector was notably pressured by falling copper prices and a slump in iron ore, while BHP and Fortescue Metals saw losses. Property stocks also experienced sharp losses, with Goodman Group and Dexus both declining significantly.
Futures
The Dow Jones futures are pointing to a rise of 43 points.
The S&P 500 futures are pointing to a rise of 14.25 points.
The Nasdaq futures are pointing to a rise of 86.25 points.
The SPI futures are down 39 points.
Best and worst performers
The best-performing sector was Consumer Staples, up 0.65 per cent. The worst-performing sector was Energy, down 1.62 per cent.
The best-performing large cap was Telix Pharmaceuticals (ASX:TLX), closing 2.61 per cent higher at $19.63. It was followed by shares in Treasury Wine Estates (ASX:TWE) and Endeavour Group (ASX:EDV).
The worst-performing large cap was South32 (ASX:S32), closing 12.57 per cent lower at $2.99. It was followed by shares in Meridian Energy (ASX:MEZ) and EBOS Group (ASX:EBO).
Asian markets
Japan's Nikkei has lost -1.16 per cent.
Hong Kong's Hang Seng has gained 1 per cent.
China's Shanghai Composite has lost -0.85 per cent.
Commodities and the dollar
Gold is trading at US$2,452.50 an ounce.
Iron ore is trading even at US$105.30 a tonne.
Iron ore futures are pointing to an even trade.
Light crude is trading $0.35 higher at US$80.48 a barrel.
One Australian dollar is buying 66.66 US cents.
Author
Name | Peter Milios | Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research. |