Australian Shares Extend Losses in Early Deals

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Australian Shares Extend Losses in Early Deals
Credit: © Reuters.

By Oliver Gray

Investing.com - The ASX 200 lost 101.10 points or 1.39% to 7174.50 in early trade on Wednesday, extending declines of 1.47% in the previous session as investors tracked U.S. benchmark indices lower after a surge in long term bond yields spoiled risk appetite.

In coronavirus news, Victoria tallied a record 950 fresh cases today, while New South Wales has recorded 863 new locally acquired cases as the state’s double-dose vaccination rate climbs to 61.7 per cent. Meantime, Queensland added 1 locally acquired case today after a fresh cluster of 4 infections were reported yesterday.

Among stocks, technology companies were hit as investors rotated out of growth stocks. Afterpay Touch Group Ltd (ASX: APT ) fell 3.16%, Wisetech Global Ltd (ASX: WTC ) lost 2.17% and Xero Ltd (ASX: XRO ) fell 2.73%. Mining heavyweights also extended yesterday’s losses, with BHP Billiton Ltd (ASX: BHP ) down 2.22%, Rio Tinto Ltd (ASX: RIO ) falling 1.26% and Fortescue Metals Group Ltd (ASX: FMG ) losing 1.88%.

ASX 200 Futures were down 17.5 points or 0.24%.

On the bond markets, Australia 10-Year bond yields hit fresh 13-week highs of 1.506%, while United States 10-Year rates were at similar 13-week highs of 1.555%.

In New Zealand, the NZX 50 fell 111.19 points or 0.84% to 13078.04.

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