TechnologyAustralian shares slip as tech, gold shares observe Wall...

Australian shares slip as tech, gold shares observe Wall Avenue sell-off

-


Nov 24 (Reuters) – Australian shares inched reduce on Wednesday, dragged down by technological know-how and gold stocks, as mounting Treasury yields sparked a panic selloff of the bullion and some significant U.S. tech names.

The S&P/ASX 200 index (.AXJO) fell .2% to 7,395.1 by 0039 GMT. The benchmark index shut up .8% on Tuesday.

Gold stocks (.AXGD) fell 1.7% just after the value of the harmless-haven asset dropped to a in close proximity to three-week reduced as the renomination of U.S. Federal Reserve Chair Jerome Powell fuelled bets of a lot quicker interest level hikes.

Sign up now for Free endless entry to reuters.com

Gold miners Westgold Means (WGX.AX) led losses in the sector, dropping as substantially as 3.8%, while heavyweight Newcrest Mining (NCM.AX) fell 2.2%.

Tech shares (.AXIJ) also dropped 1.1%, monitoring the Wall Avenue where the climbing Treasury yields prompted investors to promote Tesla and other major tech names and obtain shares with lessen valuations.

Program maker TechnologyOne Ltd (TNE.AX) was the best loser on the sub-index, monitoring its worst day in due to the fact Could 2021, soon after brokerage Jefferies minimize score on the inventory.

Bucking the development, domestic electricity stocks (.AXEJ) rose 1.5% buoyed by a 3% bounce in oil rates to a a single-7 days higher, immediately after a move by the United States and other buyer nations to release tens of hundreds of thousands of barrels of oil from reserves to try to neat the market place fell shorter of some expectations.

Woodside Petroleum (WPL.AX) was the top improve to the sub-index, increasing 2.8%, while lesser rivals Santos (STO.AX) and Oil Lookup (OSH.AX) added 2.4% and 1.9%, respectively.

Australian shareholder registry company Website link Administration Holdings (LNK.AX) was the best gainer on the benchmark, a day after it acquired a new unsolicited proposal from Eire-dependent LC Economical Holdings (LCFH) to obtain its banking and credit rating administration (BCM) company. go through a lot more

New Zealand’s benchmark S&P/NZX 50 index (.NZ50) was mostly unchanged at 12,687.29.

Sign up now for Absolutely free unrestricted obtain to reuters.com

Reporting by Indranil Sarkar in Bengaluru Editing by Rashmi Aich

Our Benchmarks: The Thomson Reuters Rely on Concepts.



Read through far more below

Latest news

M&M’s Vacation Exciting Cups are in grocery suppliers nationwide

Stouffer’s releasing singing packing containers for the holiday break time by Sarah Perchikoff What’s...

New U.S. Covid journey warnings hit European warm places

PARIS — U.S. journey warnings are hitting longtime American vacationer sizzling spots the place it hurts, with some...

5 key classes for marketers in 2022 | Outstanding Sound | Open Mic

2021 definitely kept us entrepreneurs on our toes. But if...

Didi is leaving Wall Avenue. A ‘perfect storm’ implies other Chinese tech shares may perhaps follow

For China's massive tech companies, the attraction of likely general public in New York was when clear: They...

Must read

Do the latest GPT-3 tools spell doom for copywriters?

Content writing has become more important as a way...

You might also likeRELATED
Recommended to you