(Bloomberg) -- Australian stocks dropped, snapping
five days of gains. Coles Group Ltd. led declines on a report the
TPG Inc.-led buyout group quit plans to bid for the retailer.
Australia & New Zealand Banking Group Ltd. led banks lower
after local bond yields rose, making their dividends less
attractive. Westfield Group led declines among companies that rely
on U.S. sales after the Standard & Poor's 500 Index in New York
posted its steepest decline in two weeks after higher bond yields
there renewed concern the world's largest economy will slow.
Read more at Bloomberg Stocks News
five days of gains. Coles Group Ltd. led declines on a report the
TPG Inc.-led buyout group quit plans to bid for the retailer.
Australia & New Zealand Banking Group Ltd. led banks lower
after local bond yields rose, making their dividends less
attractive. Westfield Group led declines among companies that rely
on U.S. sales after the Standard & Poor's 500 Index in New York
posted its steepest decline in two weeks after higher bond yields
there renewed concern the world's largest economy will slow.
Read more at Bloomberg Stocks News
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