World news – Australia: Stocks open lower after a new coronavirus cluster emerges in Sydney

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[BENGALURU] Australian stocks opened lower on Monday, hurt by losses in miners and energy stocks as news of a new coronavirus cluster near Sydney worsened sentiment and before major domestic manufacturing results was late this week.

The S&P / ASX 200 index fell 0.79 percent to 6,662.5 points by 0005 GMT. The benchmark closed roughly flat on Friday.

Health officials said Sunday they are investigating a mysterious Covid-19 case in a man in Berala, a suburb of Sydney. All six locally acquired cases registered on Sunday were close contacts with the man.

Mining was the hardest hit sector, losing 2 percent as heavyweights BHP Group and Rio Tinto fell 3 percent and 2.2 percent respectively, before the production reports were released later in the week.

« Before the big risk event that will be production results, there appears to be some profit-taking in mining stocks. This will likely fuel the move, along with broader concerns about of the coronavirus, « said Nick Twidale, CEO. Head of APAC at First Prudential Markets.

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Energy values ​​fell 1.9 percent as oil prices suffered on concerns that Chinese cities could be locked down due to coronavirus outbreaks. Oil and gas explorers Santos and Oil Search lost 1.9 percent and 2.3 percent, respectively.

Meanwhile, Woodside Petroleum said Monday that the amount of liquefied natural gas (LNG) it supplies to German utility Uniper SE , would be doubled under an expanded contract.

Financials were also lower, with the so-called « Big Four » banks falling between 0.4 percent and 1 percent.

The New Zealand benchmark index S&P / NZX 50 fell 0.1 percent, adversely affected by losses in financials and industrials.

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Ref: https://www.businesstimes.com.sg