The ASX is following US markets lower as Middle East tensions cause concern and investors wait to see how September’s US non-farm payrolls data will impact rate cut expectations.
The S&P/ASX 200 slipped 78.40 points, or 0.96%, to 8,126.80 points at 10:30am AEST on Friday (4 October) morning.
Ten of the 11 sectors fell, led by utilities with a 1.04% decline. Materials was down 0.91% and industrials edged back 0.15%.
The oil and gas majors dominated the top movers, with Karoon Energy (ASX:KAR) advancing 3.73%, Beach Energy (ASX:BPT) up 2.59%, Woodside Energy (ASX:WDS) gaining 2.07% and Santos (ASX: STO) rising 1.82%.
This followed news of US President Joe Biden considering a potential retaliatory attack on Iranian oil assets by Israel, which propelled oil prices higher.
The bottom performing stocks in the S&P/ASX 200 featured metallurgical coal producer Coronado Global Resources (ASX:CRN) with a 2.88% dip, Champion Iron (ASX:CIA), which slid 2.72% and copper major Sandfire Resources (ASX:SFR), which dropped 2.51%.
The US non-farm payrolls report is due out at 10.30pm AEST today (4 October) and will likely determine whether the Federal Reserve cuts rate further in November.
The S&P/ASX200 Index has retreated 1.04% over the past five days, and sits 1.92% below its 52-week high.
The S&P/ASX200 is Australia’s leading share market index and contains the top 200 ASX-listed companies in terms of market capitalisation, and accounts for about 80% of the country’s equity market. The index is designed to measure the performance of the 200 largest index-eligible stocks listed on the ASX by float-adjusted market capitalisation
It is recognised as the institutional investable benchmark in the country.
Write to Angela East at Mining.com.au
Images: ASX & Stock
