All sectors were lower on Tuesday led by tech, financials, communication services and consumer discretionary.
In a reversal of fortunes, the tech sector sent shares lower on Monday after hawkish comments from US Federal Reserve Governor Waller sent US yields higher.
The ASX tech sector fell 1.94 per cent on Tuesday led by declines from Megaport falling 5.43 per cent to $7.3, Xero down 3 per cent to $89.3 per cent and WiseTech 2.7 per cent lower to $42.as investors took the inflation data to mean central banks may deliver a less aggressive round of rate hikes to bring inflation’s breakneck pace under control. Overall US inflation slowed to 6.3 per cent in April, versus 6.6 per cent in March.
Iron ore futures in Singapore rose, with the June contract adding 2.25 to $US137.35 a tonne. Brent oil jumped 2 per cent to $120 a barrel while Palladium traded up 2.8 per cent to 2081. Morgan Stanley said IAG and Suncorp are more exposed to climate catastrophe structural risks than QBE, which has a more diversified business mix.In stocks, Virtus Health suitor BGH Capital has mopped up 50.45 per cent of the IVF player’s stock before tonight’s deadline, which automatically gives it an extension of its takeover offer period of another two weeks.
ResApp gave no detail on the reason for the halt other than considerations around a draft independent expert report on the bid.
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