Fund manager Magellan Financial Group MFG.AX was the top loser on the local bourse as the stock slumped 8.4% to an eight-year low on higher outflows in the September quarter. Hopes of a slowdown or pause in the U.S. Federal Reserve's tightening pace dwindled after data showed strong labour demand again, weighing on investor sentiment. "For now, the major theme playing is the macroeconomic landscape, with investors looking closely at the RBA (Reserve Bank of Australia), the Fed, and data on inflation, jobs and wage growth," said Kunal Sawhney, chief executive officer of Kalkine Group.