Australia: Shares hit near three-week low as global virus cases resurge

[BENGALURU] Australian shares tracked global stock markets lower on Tuesday and hit a near three-week low, hurt by concerns about the global economic health as cases of the novel coronavirus surged in Europe and the United States.

The S&P/ASX 200 index dropped 1.1 per cent to 6,085.8 by 0044 GMT in a broad-based sell-off and was on course for its fourth straight session of losses. The benchmark slipped 0.2 per cent on Monday.

Record daily jumps in infections in the United States, Russia and France weighed on Asian markets, while US stocks dropped overnight as a surge in domestic cases added to worries over dimmed prospects of a stimulus package.

In Australia, the energy and the technology sub-indexes dived more than 2 per cent each and led the declines on the benchmark.

Tech shares marked their worst intraday session since Sept 24, while the energy sub-index touched a near three-week low.

The metals and mining index dropped 1.5 per cent, with global miners Rio Tinto and BHP Group both down 1.4 per cent.

Zip Co slid 5.8 per cent and was the biggest percentage loser on the Australian benchmark, while online retailer Adore Beauty Group lost up to 5 per cent, taking the newly listed company's losses since listing to about 18 per cent.

Elsewhere, Boral climbed 4.7 per cent after the building materials supplier announced a 50 per cent stake sale in USG Boral to Germany's Gebr Knauf for A$1.43 billion (S$1.39 billion).

In New Zealand, the S&P/NZX 50 index fell 1.2 per cent to its lowest level in more than two weeks, with losses in financials and utility sectors weighing on the benchmark.

REUTERS