ASX 200 falls on tech losses; A2 Milk dips over 7%

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ASX 200 falls on tech losses; A2 Milk dips over 7%

 ASX 200 falls on tech losses; A2 Milk dips over 7%
Image source: ©Miflippo | Megapixl.com

Highlights

  • The Australian share market opened marginally lower on Wednesday.

  • The ASX 200 index fell 0.80 points to 7.029 at the open.

  • The ASX All Ordinaries index fell 0.012% to 7,277.7.

The Australian share market opened marginally lower on Wednesday following weak cues from Wall Street. The market is expected to trade on a volatile note ahead of July’s US inflation data, which is scheduled to be released later today. The forthcoming consumer price index data would clear the air around further rate hikes by the US Federal Reserve.

The ASX 200 index fell 0.80 points to 7.029 at the open on Wednesday. The ASX All Ordinaries index fell 0.012% to 7,277.7, while the A-VIX fell 3.268% to 14.504 at the open.  

The benchmark index was trading at 6,995, down 34.80 points or 0.50% in the first ten minutes of trade. The index has gained 0.76% in the past five days but has declined 5.58% on a year-to-date (YTD) basis. 

On Tuesday, the benchmark index ASX 200 closed 0.1% higher at 7,029.8 points.

Global equity indices 

In the US, the S&P 500 dropped 0.4%, the Dow Jones dipped 0.2% and the NASDAQ ended 1% lower.

In Europe, the Stoxx 50 fell 1.1%, the FTSE gained 0.1%, the CAC dropped 0.5%, and the DAX ended 1.1% lower.

Market action 

US Treasury yields jumped on Tuesday ahead of the release of US inflation data for July. Benchmark 10-year note yields rose to 2.78%.

Similarly, the US dollar index rose 0.047% to 106.38 at 3:15 PM Eastern time (1915 GMT).

Data Source: ASX (as of 10 August 2022, 10:30 AM AEST) 

Image Source: © 2022 Kalkine Media® 

The A2 Milk was the top loser, while GrainCorp was the top gainer. Meanwhile, on the ASX , while all sectors were in the red, tech was the weakest sector, down over 2%. Block fell nearly 6%, while and Computershare shed over 4%.

Newsmakers 

  • CBA reported an 11% rise in cash net profit to AU$9.6 billion in FY22, driven by strong home lending and lower bad debts.
  • Orica on Wednesday opened AU$75 million share purchase offer to its shareholders.
  • CSL has confirmed its acquisition of Vifor Pharma.
  • GrainCorp has upgraded its earnings guidance for the 12 months ending 30 September 2022.

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