[BENGALURU] Australian shares settled lower on Tuesday as rising coronavirus cases in the country's most populous state and simmering Sino-US tensions spooked investors. Read more at The Business Times.
Weighing on investor sentiment, tensions grew between the United States and China. The United States on Monday rejected China's disputed claims to offshore resources in most of the South China Sea, a move that Beijing criticised as inciting tensions in the region.
"US-China tensions around Covid and now China's claims over the South China Sea could hurt the Phase One trade pact and make things much more difficult for potential further deals," said CommSec market analyst James Tao. Technology stocks fell 4 per cent to a near two-week low. Buy-now-pay-later firm Afterpay declined 7.23 per cent, making it one of the top losers on the benchmark index, while Megaport lost 6.67 per cent.
Gold stocks fell 2.32 per cent as bullion prices were hit by a stronger dollar. Emerald Resources declined 7.94 per cent, while Alacer Gold shed 6.17 per cent.Among top gainers on the New Zealand benchmark, Sanford rose 4.43 per cent, while Chorus added 3.85 per cent.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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