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Market Update: Australia Stocks Trade at Near 3-Week Low
The ASX 200 tumbled 132 points or 1.8% to a near three-week low of 7,236 in afternoon trade on Monday, amid mounting worries that the US central bank might raise interest rates sooner than previously expected, with St. Louis Fed President James Bullard saying that the first increase may come next year. News that Canberra has decided to file a formal complaint with the WTO over its dispute with Beijing over the latter’s decision to slap tariffs on Australian wine imports also dragged on sentiment. In recent data, retail sales in Australia rose by 0.1% mom in May, the least in three months. On the pandemic front, two new COVID-19 cases have been detected in New South Wales, taking the number of cases linked to a Sydney cluster to 11. Losers were broad-based, led by financials, basic materials, and consumer staples. Codan Ltd, a metal detector and radio maker, sank 11% without any substantial news released by the company. GUD Holdings Ltd, meanwhile, slumped 6%. . [/s2If]
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