Waiting, watching, selling 👀
With Australia’s 10-year bond yield soaring above 4%, rate sensitive sectors such as tech, REITs and healthcare were hammered, falling more than 1.5% apiece. Retailers were pressured with consumer discretionary sliding 1.9%, coinciding with the release of two dire consumer confidence readings earlier in the session. Financials, materials and energy fell 0.8%, 1% and 2.4% respectively, the latter two finding no respite from the selling pressure despite the release slightly better-than-expected Chinese economic data. There was little to cheer about elsewhere with every other sector closing lower. Novonix, Megaport and Chalice Mining propped up the score board, nursing losses of more than 9%. Polynovo was the top performer for a second consecutive session, adding 7.4% on the back of no news. The broader index slumped 1.27%, falling another 85 points to close at 6601.0.
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