Australia: Shares track global equities lower; New Zealand closed

AUSTRALIAN shares fell on Monday, pulled down by a slide in global equities on Friday as US jobs data signalled the Federal Reserve will likely continue raising interest rates to ease inflation. The S&P/ASX 200 index was down 0.4 per cent at 7,211.80 by 0038 GMT, with most sub-indexes in red. The benchmark closed 0.9 per cent higher on Friday. In other key markets, Japan’s Nikkei was down 0.3 per cent at 27,685.43 and S&P 500 E-minis futures rose 0.1 per cent. Back home, metals and mining index declined 1 per cent, with Rio Tinto, BHP Group and Fortescue Metals Group falling between 0.5 per cent and 1 per cent. Financials retreated 0.4 per cent. National Australia Bank and Australia and New Zealand Banking Group dropped 0.7 per cent and 0.3 per cent, respectively. Domestic technology stocks were the lead laggards on the local bourse, tumbling 1.9 per cent as they tracked Wall Street’s weak finish from Friday. ASX-listed Block, Xero and WiseTech Global were down between 4.7 per cent and 1.8 per cent. Gold stocks lost 1.3 per cent as prices of the metal fell on Friday. Newcrest Mining and Northern Star Resources were down 0.2 per cent and 1.3 per cent, respectively. On the upside, energy stocks gained 1.7 per cent and were on track to hit an over two-year high as oil prices rose in early trade after Saudi Arabia raised prices sharply for its crude sales in July. Oil and gas major Woodside Energy Group climbed 2.2 per cent in its fourth straight session of gains. Meanwhile, Santos rose 1.4 per cent to hit an over two-year high after the gas producer said on Sunday it is taking steps, along with its joint venture partner Beach Energy, to increase domestic supply of the energy resource. Separately, a Reuters poll found that Australia’s central bank will raise rates by a modest 25 basis points (bps) at its June 7 meeting, while nearly a third of the respondents predicted a larger 40 bps hike. New Zealand’s benchmark S&P/NZX 50 index did not trade on account of a public holiday. REUTERS