(Bloomberg) -- The key gauge of Australian stocks is on track for one of the worst performances this week among major global benchmarks, as concerns about China’s economy weigh on the commodities-heavy market.
The S&P/ASX 200 fell 2.3% for the week, its worst since September. Miners and banks were the biggest losers on the index amid disappointment on a lack of new strong macro support measures from Beijing as well as prospects for a delay in Federal Reserve rate cuts.
“Chinese stimulus talks underwhelmed,” dragging down mining stocks despite a surge in copper, said Anna Milne an analyst at Wilson Asset Management in Sydney. She added that lenders — the worst performing sector for the week — have been hurt by US economic data that weakened the case for looser monetary policy, following Macquarie’s downgrades of Australian banks on Wednesday.
--With assistance from Garfield Reynolds.
©2024 Bloomberg L.P.
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