Australia Market falls 3%

The Australian share market finished session lower on Friday, 04 September 2020, snapping two-day winning streak, as profit taking selloff triggered on following the overnight losses on Wall Street. Further dampening investor sentiment was news that Australia's Victoria state record 59 deaths on Friday, including previously unrecorded deaths in aged care facilities, while authorities suggested restrictions in the state may remain even after the current six-week lockdown comes to an end.

At closing bell, the benchmark S&P/ASX200 index fell 187.10 points, or 3.06%, to 5,925.51. The broader All Ordinaries dropped 192.27 points, or 3.05%, to 6,108.76.

Tech stocks were the hardest hit on the Australian benchmark. Buy-now-pay-later firm Afterpay plunged 6.7%, while Xero eased 5.7%.

Miners also weighed on the index. BHP Group eased 3.8% and dragged miners to a near two-month low as iron ore futures in China snapped a six-session rally.

ECONOMIC NEWS: Australia Retail Sales Up 3.2% On Month In July- Australia total value of retail sales was up a seasonally adjusted 3.2% on month in July, the Australian Bureau of Statistics said on Friday. That was was up from 2.7% in the previous month.

CURRENCY NEWS: The Australian dollar traded at $0.7282 after seeing an earlier low of $0.7249.

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