Australian shares fall for third session as miners and energy stocks drag
July 22 (Reuters) -Australian shares fell for a third straight session on Monday, with mining and energy stocks leading the decline, while fears of an early interest rate hike also weighed on the market.
The S&P/ASX 200 index .AXJO fell 0.8% to 7,911.6 points. The index ended 0.2% higher last week.
Last week's data showing strong job growth in June prompted investors to dial up interest rate hike expectations to as early as Aug. 6, when the Reserve Bank of Australia meets next to discuss its policy settings.
Miners .AXMM fell 1.1% to hit their lowest since November 2022, after iron ore prices closed lower last week amid a lack of concrete stimulus from top consumer China and weak seasonal demand for steel. IRONORE/
Iron ore futures DCIOcv1 on the Dalian Commodity Exchange rose 0.5% on Monday.
Rio Tinto RIO.AX and BHP Group BHP.AX slipped 0.7% and 0.6%, respectively.
Energy stocks .AXEJ eased 1.3%, after oil prices settled at a one-month low on Friday on Gaza ceasefire hopes. Woodside WDS.AX and Santos STO.AX dropped 1.9% and 1.2%, respectively. O/R
Brent crude LCOc1 futures rose 0.48% to $83.03 a barrel on Monday, while U.S. West Texas Intermediate (WTI) crude CLc1 gained 0.52% to $80.55 per barrel.
Gold prices XAU= rose 0.43% to $2,409.00.
Banks .AXFJ were trading 0.9% lower, with top lender Commonwealth Bank of Australia CBA.AX down 1%.
The Aussie dollar was 0.11% weaker against the U.S. dollar at A$0.67.
S&P 500 E-minis futures EScv1 were up 0.33%.
The yield on benchmark 10-year Treasury notes US10YT=RR rose to 4.2194%, compared with its U.S. close of 4.239%. The Dow Jones Industrial Average .DJI fell 0.93% on Friday. The S&P 500 .SPX lost 0.71%, while the Nasdaq .IXIC lost 0.81%.
In New Zealand, the benchmark S&P/NZX 50 index .NZ50 rose 0.3% to 12,365.16 points.
Reporting by Rishav Chatterjee in Bengaluru; Editing by Subhranshu Sahu
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