Australian Shares Extend Losses as Tech Retreats

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Australian Shares Extend Losses as Tech Retreats

By Oliver Gray 

Investing.com - The S&P/ASX 200 fell 54.1 points or 0.74% to 7,267. during Wednesday’s deals, extending losses of 1.9% in the previous session. Technology companies retreated, tracking losses on Wall Street overnight as investors weighed the prospects of an economic slowdown, ditching tech stocks ahead of first-quarter corporate results.

By 11:15am AEST (1:09am GMT) ASX 200 Futures were pointing 0.7% higher.

Among stocks, Information Technology was the worst hit, shedding 2.8% overall. Block Inc (ASX: SQ2 ) dropped 7.1%, Appen Ltd (ASX: APX ) fell 5.2% while Novonix Ltd (ASX: NVX ) fell 3.2% and Brainchip Holdings Ltd (ASX: BRN ) lost 3.8%.

Financials dropped 1.3% collectively as Australian 10-Year yields eased to 3.05%. Macquarie Group Ltd (ASX: MQG ) fell 1.8%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) lost 2%, National Australia Bank Ltd (ASX: NAB ) fell 1.4%, Westpac Banking Corp (ASX: WBC ) lost 1.2%. Commonwealth Bank Of Australia (ASX: CBA ) dipped 1.2% as chairman Catherine Livingstone announced her retirement from the board in August after the finalisation of its financials, to be replaced by Paul O’Malley.

Meantime, Zip Co Ltd (ASX: ZIP ) dropped 6.1% and EML Payments Ltd (ASX: EML ) shed 6.9% after plunging 38% in yesterday’s trade following a profit warning.

The Energy sector bucked the trend as Oil prices rose after news that Russia will halt gas flows to Poland, a significant escalation in the standoff between Moscow and Europe as the war in Ukraine continues. Woodside Petroleum Ltd (ASX: WPL ) added 1.3%, Santos Ltd (ASX: STO ) gained 0.8% and Beach Energy Ltd (ASX: BPT ) lifted 0.2%.

On the data front, investors will be keeping a close eye on upcoming CPI data.

In New Zealand, the NZX 50 fell 1.3% to 11,661.

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