Australian Shares Drop 1% As Tech Tumbles, Inflation Surges

  • Stock Market News
Australian Shares Drop 1% As Tech Tumbles, Inflation Surges
Credit: © Reuters.

By Oliver Gray - The S&P/ASX 200 was lower in Friday’s mid-morning deals, down 75.00 points or 1.03% to 7,213.50 and snapping 3 sessions of consecutive gains as investors tracked losses on Wall Street after a hot U.S. inflation reading led to greater expectations that the Federal Reserve will have to move forcefully to cool down the economy by raising interest rates.

ASX 200 Futures were down 0.5%.

Among stocks, Technology shares led declines, down 3.24%. Block Inc (ASX: SQ2 ) shed 5.71%, Zip Co Ltd (ASX: Z1P ) fell 4.23%, Appen Ltd (ASX: APX ) lost 5.12%, Megaport Ltd (ASX: MP1 ) was down 5.8%, Novonix Ltd (ASX: NVX ) lost 3.52%, Brainchip Holdings Ltd (ASX: BRN ) fell 1.5%, Altium Ltd (ASX: ALU ) lost 3.3%, Xero Ltd (ASX: XRO ) shed 3.73% and Wisetech Global Ltd (ASX: WTC ) dipped 2.81%.

REITs also fell 3.04% collectively, with Mirvac Group (ASX: MGR ) down 2.35%, Charter Hall Group (ASX: CHC ) falling 4.69%, Goodman Group (ASX: GMG ) shedding 3.33%, Stockland Corporation Ltd (ASX: SGP ) down 1.96% and Scentre Group Ltd (ASX: SCG ) falling 1.64%.

Financials were about 0.85% lower overall. Macquarie Group Ltd (ASX: MQG ) added 0.83%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lifted 0.18%, National Australia Bank Ltd (ASX: NAB ) gained 0.54%, Westpac Banking Corp (ASX: WBC ) added 0.2% and Commonwealth Bank Of Australia (ASX: CBA ) dipped 1.16%.

Materials also dipped 0.25%. Rio Tinto Ltd (ASX: RIO ) added 2%, BHP Billiton Ltd (ASX: BHP ) gained 1.78% and Fortescue Metals Group Ltd (ASX: FMG ) added 1.21%.

On the bond markets, Australia 10-Year rates were near fresh 35-month highs of 2.186% while United States 10-Year yields were at 31-month highs of 2.043%.

In New Zealand, the NZX 50 was down 1.32% to 12,250.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or