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Market Update: Australian Shares Ease 0.6%
The ASX 200 lost 43.70 points or 0.6% to 7298.50 on Wednesday, following gains of 1.5% in its best session in nearly 4 months yesterday as traders were cautious following reports that major banks in Australia predict the nation’s historically low cash rate will be raised far sooner than the RBA’s current timeline. Meantime, gold and energy stocks lost ground after underlying commodity prices fell overnight. Santos lost 2.4% and Woodside petroleum fell 1.5%. Local 10-year bond yields lifted to 1.574% while US 10-year rates were at 1.482%. Sentiment was also rattled by a private survey showing both manufacturing and services activities in the country grew at softer paces in June, due to a lockdown in Victoria state. [/s2If]
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