AU Evening Wrap: Australia Shares Fall 0.6%, Round Out Third Straight Weekly Loss

$S&P/ASX 200(.XJO.AU)$ closed 0.6% lower at 7107.7 as weakness in consumer stocks helped confirm the benchmark index's third consecutive weekly loss. Ten of the benchmark's 11 sectors finished lower, with consumer discretionary and staples losing 1.2% and 1.0%, respectively, amid worries of an economic downturn in 2023.

Auto-related stocks were particularly badly hit, with $Bapcor Ltd(BAP.AU)$, $ARB Corp Ltd(ARB.AU)$, $Eagers Automotive Ltd(APE.AU)$ and $GUD Holdings Ltd(GUD.AU)$ losing between 2.6% and 5.6%.

The heavyweight financial sector lost 0.5% as banks $ANZ Group Holdings Ltd(ANZ.AU)$, $Westpac Banking Corp(WBC.AU)$, $National Australia Bank Ltd(NAB.AU)$ and $Commonwealth Bank of Australia(CBAPK.AU)$ shed between 0.2% and 0.8%. Wealth managers lost even more.