Australia Stocks Post First Quarterly Loss in Year as Oil Falls
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The biggest decline in Australian energy companies since 2010 dragged equities to their first quarterly loss in a year.
The S&P/ASX 200 Index dropped 4.8 percent to 4,608 and dipped to as low as 4,451.7 on June 20, down 10 percent from its April 11 high to complete a so-called correction. Energy stocks led the retreat, falling 11 percent on average and matching losses in oil futures traded in New York. Financial firms led by Bank of Queensland Ltd. dropped 4.6 percent amid the highest interest rates in the developed world.