The Australian stock market extended its losing streak to a fourth session, with the benchmark S&P/ASX 200 Index falling 1.04 percent to 6,889.20, dropping below the 6,900 level. The broader All Ordinaries Index declined 1.02 percent to 7,174.40, as weakness in gold miners and technology stocks outweighed gains in energy and financials. Traders reacted to hawkish comments from the US Federal Reserve signaling imminent rate hikes, while domestic COVID-19 cases remained elevated, with New South Wales reporting 17,316 new infections and 29 deaths. Among major movers, Beach Energy surged almost 10 percent, while Evolution Mining plunged more than 9 percent and WiseTech Global dropped over 7 percent. Export prices rose 3.5 percent in the fourth quarter, slowing from the prior quarter's 6.2 percent gain, and the Australian dollar traded at $0.709.
Gold miners weakness due to hawkish Fed rate hike signals, and Evolution Mining plunged more than 9%.
Energy stocks gained, and Beach Energy surged almost 10%, likely benefiting from hawkish Fed rate hike signals which can boost energy sector.