Australia Market falls to fresh 16-month lows

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Australian shares declined for a seventh straight session on Monday, 20 June 2022, with benchmark S&P/ASX200 closing at fresh 16-month lows, as lingering concerns of global economic slowdown cast a pall on the market amid a dearth of new trading incentives

Market sentiments weighed down by fears about the deteriorating U.S. economy as expectations grew that the Federal Reserve will make aggressive rate hikes.

At closing bell, the benchmark S&P/ASX200 fell by 41.43 points, or 0.64%, to 6,433.37. The broader All Ordinaries index declined by 53.83 points, or 0.81%, to 6,609.46.

Shares of miners declined amid a commodities selloff on short-term demand woes. BHP, Rio Tinto and Fortescue Metals Group plummeted 5-9%.

Falling oil prices weighed on the energy sector, with Woodside Petroleum and Santos declining 5-6%.

CURRENCY NEWS: The Australian dollar changed hands at $0.6981 after dropping late last week from above $0.70.

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