Indices: Australian ASX 200
The ASX200 endured one of its worst days for months on Monday with broad-based selling washing through the main board although it was the banks and IT stocks which caught our eye on the downside. Buyers of the dip evaporated as concerns around inflation & rate hikes returned to haunt the recent bulls of tech/growth names not helped by Australian 10-year bond yields testing their 1-month high, back above 3.5%.
The ASX200 is set to open back around 7080 this morning following a tough session on Wall Street where falls were spearheaded by the financials, tech, materials and consumer discretionary names – we wouldn’t be surprised if the -0.4% fall by the SPI on Friday proves optimistic this morning.
