Shares of Mirvac Group (ASX:MGR), Stockland (ASX:SGP), and Dexus (ASX:DXS) each fell past 4% in Thursday trade, as investors reacted to the prospect of no further interest rate cuts in Australia or the US this year, extending the sell-off in the rate-sensitive property sector.
The declines came as expectations for additional rate cuts eased after US Federal Reserve Chair Jerome Powell cited ongoing labor market concerns and noted that a December reduction is far from guaranteed.
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