Australian shares lost ground for a third consecutive session on Friday as apprehension mounted around potentially robust US jobs data, expected later in the day, which could bolster the argument for a US Federal Reserve rate rise in the near term.
The market also took cues from overnight moves on Wall Street, where stocks were flat with gains in the tech sector offsetting a disappointing US factory activity report and lower oil prices.
The S&P/ASX 200 index shed 52 points, or one per cent, to 5364.1 by 0316 GMT. The benchmark finished 0.3 per cent lower on Thursday.
Strength in the US labour market has inspired hawkish comments from some Federal Reserve officials of late, with vice chair Stanley Fischer and Cleveland Fed President Loretta Mester both hinting at an imminent rate hike.
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The market also took cues from overnight moves on Wall Street, where stocks were flat with gains in the tech sector offsetting a disappointing US factory activity report and lower oil prices.
The S&P/ASX 200 index shed 52 points, or one per cent, to 5364.1 by 0316 GMT. The benchmark finished 0.3 per cent lower on Thursday.
Strength in the US labour market has inspired hawkish comments from some Federal Reserve officials of late, with vice chair Stanley Fischer and Cleveland Fed President Loretta Mester both hinting at an imminent rate hike.
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