Australian Shares Extend Losses as Info Tech Suffers

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Australian Shares Extend Losses as Info Tech Suffers
Credit: © Reuters.

By Oliver Gray 

Investing.com - The S&P/ASX 200 dipped 66.5 points or 1% to 6,953.2 after the first hour of Friday’s trade, extending losses of 1.4% in the previous session and tracking a sharp decline on Wall Street overnight as nervous investors retreated ahead of key U.S. inflation data slated for release later in the session.

ASX 200 Futures were pointing 0.2% lower.

Among stocks, Information Technology lead declines, down 2.2% as Block Inc (ASX: SQ2 ) lost 7.6%, Appen Ltd (ASX: APX ) fell 1.8%, Megaport Ltd (ASX: MP1 ) lost 2%, Link Administration Holdings Ltd (ASX: LNK ) fell 0.7%, Novonix Ltd (ASX: NVX ) lost 3.4% and Brainchip Holdings Ltd (ASX: BRN ) shed 2.8%.

Materials traded 2.6% lower, with Rio Tinto Ltd (ASX: RIO ) down 3.4%, BHP Billiton Ltd (ASX: BHP ) falling 2.7%, Fortescue Metals Group Ltd (ASX: FMG ) down 4.7% and Champion Iron Ltd (ASX: CIA ) losing 3.3%.

Financials posted modest gains as Australia and New Zealand Banking Group Ltd (ASX: ANZ ) added 1.7%, National Australia Bank Ltd (ASX: NAB ) lifted 1.6%, Westpac Banking Corp (ASX: WBC ) added 1.5%, Commonwealth Bank Of Australia (ASX: CBA ) gained 1.2% while Macquarie Group Ltd (ASX: MQG ) dipped 0.6%.

On the bond markets, Australia 10-Year yields were at fresh 8-year highs of 3.64% while United States 10-Year rates were at 3.047%.

In New Zealand, the NZX 50 lost 1.2% to 11,075.

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