The S&P/ASX 200 index was down 0.3% at 7,409.8, as of 2345 GMT, after closing 0.8% lower on Friday. Elsewhere in Asia, Japan's Nikkei was down 0.73% and S&P 500 E-minis futures were down 0.27%. U.S. data showing more than half a million employment gains in January and latest comment by Minneapolis Fed President on the same fuelled worries about how much higher interest rates may need to climb to contain soaring inflation. Futures now price the Fed's target rate to peak at 5.153% in July and stay above 5% from May to November, with only a slight decline to 4.862% in December.
Last week, the Australian central bank raised its forecast
for core inflation and warned of further increases in interest
rates.
Technology stocks fell in line with their overseas
peers and were last down 0.7%, while miners sipped 0.4%,
with sector giants BHP Group and Rio Tinto down 0.4% each.
Financials shed 0.2%, with the so-called "big four"
banks trading in negative territory.
Gold stocks shed 0.7% even after bullion prices
closed higher on Friday. Sector major Newcrest Mining fell 0.3%.
Bucking the trend, energy stocks gained 1.7% after
oil prices rose more than 2% on Friday. Sector heavyweights
Woodside Energy Group and Santos climbed 2.1%
and 1.8%, respectively.
Among individual stocks, Star Entertainment led the
fall on the benchmark, shedding about 16% after the casino
operator forecast a non-cash impairment charge of up to A$1.6
billion in the first half of 2023 if a proposed hike in the
casino duty rate in New South Wales was implemented.
New Zealand's benchmark S&P/NZX 50 index fell 0.7%
to 12,082.
(Reporting by Jaskiran Singh in Bengaluru; Editing by
Subhranshu Sahu)
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