Australia: Shares hit near four-month low as China production curbs hit miners

[BENGALURU] Australian shares hit a near four-month low on Wednesday, as weak commodity prices hammered local mining stocks on fears over production curbs caused by a power crunch in top consumer China.

The S&P/ASX 200 index fell 1.2 per cent to 7,192.30 by 0038 GMT, its lowest since June 2. The benchmark ended 1.5 per cent lower on Tuesday.

The country's top trading partner China is grappling from a widening power crunch, which has compelled numerous factories including many supplying Apple and Tesla to come to a halt.

This led miners to fall as much as 2.3 per cent to a near one-year low as prices of iron ore and copper dipped on fears over demand hit.

The country's mining triumvirate, BHP Group, Rio Tinto and Fortescue Metals fell between 2.2 per cent and 2.5 per cent.

Tech stocks fell 2.7 per cent to hit its lowest in over a month after tracking an overnight plunge in Wall Street's tech-heavy Nasdaq Composite index, which fell over 2 per cent amid broad sell-off driven by rising US Treasury yields.

Appen fell 3.4 per cent to lead losses on the index, while sector heavyweight Afterpay dropped over 3 per cent.

The energy index was down 1.8 per cent, following a dip in oil prices. Santos and Oil Search fell 2 per cent and 2.2 per cent, respectively, leading losses on the index.

Financials were down 1 per cent with the big four banks trading between 0.8 per cent and 1.1 per cent. Eslewhere, Japan's Nikkei was down 2 per cent at 29,592.72.

New Zealand's benchmark S&P/NZX 50 index fell 0.8 per cent to 13,063.20, with healthcare and consumer stocks leading losses on the benhcmark index.

REUTERS