Goodman Group fell 2.9 per cent, Charter Hall dropped 1.7 per cent and Dexus retreated 1.0 per cent. All of the big four banks finished lower, with ANZ and Westpac both dropping 1.6 per cent, while NAB fell 1.4 per cent and CBA dipped 0.5 per cent. Lithium producers were also weaker, with Mineral Resources falling 4.2 per cent and Pilbara Minerals falling 4 per cent.

Woolworths fell 0.8 per cent as the supermarket giant grapples with strike action by warehouse workers. Coles fell 0.4 per cent.

The lowdown

The ABS released the national accounts for the three months to September – a closely-watched gauge of the economy’s health – and the figures show weaker-than-expected growth of 0.3 per cent during the quarter.

“The data confirms our worst fears of muted economic growth,” said Krishna Bhimavarapu, APAC economist at State Street Global Advisors.

“Once again household consumption remained muted while that of the government did the heavy lifting, without which growth would have been deeply negative.”

Senior investment adviser at Shaw and Partners, Adam Dawes, said the data had little impact on the ASX, which largely ignored the signs of weakness. “The economy does look like it’s on a bit of life support at the moment, but the market did shrug those numbers off,” he said.

Dawes highlighted the strength in resources stocks, pointing out the sector had not performed as well as the banks recently.

Overnight on Wall Street, the S&P 500 edged up 2 points, or less than 0.1 per cent, to set an all-time high for the 55th time this year. It’s climbed in 10 of the last 11 days and is on track for one of its best years since the turn of the millennium.

The Dow Jones slipped 76 points, or 0.2 per cent, while the Nasdaq composite added 0.4 per cent to its own record, set a day earlier.

AT&T rose 4.6 per cent after it boosted its profit forecast for the year. It also announced a $US10 billion ($15.4 billion) plan to send cash to its investors by buying back its stock, while saying it expects to authorise another $US10 billion of repurchases in 2027.

On the losing end of Wall Street was US Steel, which fell 8 per cent. President-elect Donald Trump reiterated on social media that he would not let Japan’s Nippon Steel take over the iconic Pennsylvania steelmaker.

With AAP, AP, Bloomberg

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