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Australia shares fall on weak financials, tech; China Evergrande spooks markets

09/20/2021 | 09:50pm EDT

Sept 21 (Reuters) - Australian shares fell for a third straight session on Tuesday as financial and tech stocks weighed, while debt crunched property firm China Evergrande rocked global markets on concerns about spillover risks to the world's second-largest economy.

The S&P/ASX 200 index fell 0.4% to 7,221.5 at 0102 GMT, after losing 2.1% on Monday in its steepest drop since Feb. 26.

Investors have been unnerved by the fallout from heavily indebted real estate company China Evergrande Group, and were gauging the potential for a wider shakeout after a selloff hit stocks around the world.

Overnight, all three major U.S. indexes ended sharply lower in a broad sell-off on fears of contagion from potential collapse of the Chinese real estate firm.

In Australia, the heavyweight financial stocks shed nearly 1%, with Janus Henderson Group Plc dropping 4%, followed by Zip Co Ltd losing 3.8%.

The "Big Four" banks declined between 1.2% and 1.9%.

Tech stocks slipped more than 1%, as they tracked the Nasdaq index, which overnight suffered its biggest single-day drop since May.

Bucking the trend, miners rose about 1.1%, with global miners Rio Tinto, BHP Group and Fortescue Metals Group gained between 0.4% and 1.6%.

Coal miner New Hope Corp jumped as much as 5.3%, after it swung to a full-year profit and forecast a strong performance by its businesses in fiscal 2022.

Energy stocks were up 1.04%, led by Whitehaven Coal Ltd rising 3.5%, followed by Ampol Ltd gaining 1.8%.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.57% to 13,104.

Elsewhere, Japan's Nikkei was down 1.62%. (Reporting by Aditya Munjuluru; Editing by Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AMPOL LIMITED 0.39% 30.82 End-of-day quote.8.44%
BHP GROUP -2.04% 38.39 End-of-day quote.-9.52%
CHINA EVERGRANDE GROUP -3.91% 2.95 End-of-day quote.-80.20%
FORTESCUE METALS GROUP LIMITED -1.22% 14.56 End-of-day quote.-37.86%
NEW HOPE CORPORATION LIMITED 0.40% 2.51 End-of-day quote.77.39%
WHITEHAVEN COAL LIMITED -0.30% 3.31 End-of-day quote.101.22%
ZIP CO LIMITED 5.19% 7.1 End-of-day quote.34.22%
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