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Australian shares finished the week down 0.6 per cent as the oil price pushed higher and US Treasury Secretary Scott Bessent’s effort to steady the bond market proved fleeting.
The S&P/ASX 200 Index fell 24.9 points, or 0.3 per cent, to 9058.9 on Friday, with six out of the 11 sectors in the red.
This followed a nearly 1 per cent fall on Wall Street as the yield on the US 10-year note rose 6 basis points to 4.70 per cent. The effect of Bessent’s buybacks of long-dated government debt had worn off after just 24 hours.
ASX slides for second week amid sell-off in local banks
Australian shares have fallen for a second week amid high oil prices, US bond market concerns and a sell-off in local banks as housing market gloom persists.
The S&P/ASX200 fell 24.9 points on Friday, down 0.27 per cent, to 9,058.9, as the broader All Ordinaries lost 28.8 points, or 0.31 per cent, to 9269.7.
The top 200 has dropped almost 2.5 per cent since resetting record highs earlier in August after housing market concerns sparked a banking sell-off that has loomed large over earnings season.
Energy and gold stocks offered some support as oil prices climbed and historically high US debt and Treasury yields rattled investors, prompting the US government to intervene in its roughly $US60 trillion ($A84 trillion) bond market.
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