Australia: Shares snap three-day winning streak on mining, energy losses

[BENGALURU] Australian shares opened lower on Wednesday after gaining for the past three sessions, as energy and mining stocks fell, and as Wall Street slid ahead of the outcome of the US Federal Reserve's policy meeting later in the day.

The S&P/ASX 200 index slipped 0.36 per cent to 6,827.1 by 2330 GMT.

The S&P 500 and the Dow Jones Industrial Average fell overnight as investors looked to the results of the US central bank's meeting amid fears about an overheating economy, although no major policy change is expected.

Among individual sectors and stocks, miners fell 1.2 per cent as copper prices slumped after investors shed some bullish positions due to uncertainty ahead of central bank meetings.

Global miners BHP Group and Rio Tinto were down 1.1 per cent and 1.3 per cent, respectively.

Energy stocks also declined as oil prices fell after some European countries halted the use of a major coronavirus vaccine, threatening the recovery of fuel demand.

Oil & gas explorers Woodside Petroleum and Santos were down 0.6 per cent and 0.5 per cent, respectively.

Gold stocks snapped two straight sessions of gains to fall 1.5 per cent as prices of the yellow metal weakened against a stronger dollar, with top gold miner Newcrest Mining down 1.3 per cent.

The number of issues on the ASX that advanced were 506 while 600 declined.

New Zealand's benchmark S&P/NZX 50 index was unchanged in early trade, as gains among utility and energy stocks were offset by losses among financials.

Dairy exporter Fonterra on Wednesday reported a 43 per cent surge in adjusted profit and said it would sell its joint venture farms in China. The company's stock was 0.2 per cent lower.

REUTERS

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