Australia: Shares fall in broad-based selling after five days of gains

[BENGALURU] Australian shares fell on Friday, in line with global markets, as investors weighed the US Federal Reserve's tightening plan and oil prices slipped on hopes of higher supply.

The S&P/ASX 200 index had fallen 0.6 per cent to 7,110.3 by 2337 GMT after five straight sessions of gains, but was on track for a weekly rise.

Most equity markets around the world slipped overnight as the Russia-Ukraine conflict remained in focus.

Russia and Ukraine agreed to the need for humanitarian corridors to help civilians escape Moscow's eight-day-old invasion, as the United States announced sanctions on more oligarchs.

In Australia, all sectors were trading in negative territory. Energy stocks fell 1.5 per cent to lead the declines, after oil prices slid from a decade-high as sellers jumped on hopes the United States and Iran will soon agree on a nuclear deal that could ease supply concerns.

Heavyweights Woodside Petroleum and Santos slipped 1.2 per cent and 1.7 per cent, respectively.

"I don't see energy prices remaining high long-term as the global economy can't pay for it. We are looking at recession fears in 2023 and that means demand will weaken through 2022," said Mathan Somasundaram, chief executive officer at DeepData Analytics.

Financial stocks fell 0.5 per cent. Commonwealth Bank of Australia rose 0.1 per cent, while the other three of the "big four" banks slid between 0.3 per cent and 0.9 per cent.

Miners retreated 0.4 per cent, with BHP Group down 0.2 per cent. Technology stocks slipped 2.7 per cent and were the top percentage losers on the benchmark.

In other news, Macquarie Group agreed to buy Roadchef, one of Britain's top motorway service area operators, from Antin Infrastructure Partners, the latest in a series of deals by the financial conglomerate.

New Zealand's benchmark S&P/NZX 50 index fell 0.4 per cent to 12,163.68. REUTERS