Tech leads Australian markets higher at noon
· ASX shares rose on Wednesday after a positive run in US stocks overnight. · Janet Yellen appeared before the Senate and demanded a significant fiscal stimulus package to revitalise the US economy.
· A Deutsche Bank survey reported that the US tech stocks, and bitcoin are in bubble territory, but the tech-strong NASDAQ Composite ended 1.5% higher.
· The survey also highlighted that there are larger downside risks in Bitcoin and Tesla than upside potential. A majority of respondents said that the Federal Reserve would not tighten the policy before 2021.
· Incoming Treasury Secretary Janet Yellen appeared before the Senate Finance Committee of Tuesday. She said the benefits of a large scale stimulus package would outweigh the cost. On corporate tax rates, Yellen said the collaboration with OECD is needed to afford a higher corporate tax rate. During the election campaign, Biden had proposed to raise corporate taxes. On Domestic Cues
· Most of the S&P/ASX 200 sectors were trading higher on Wednesday. At noon, Information Technology sub-sector index was the largest gainer, followed by Industrials, Energy, Health Care, Material, Consumer Discretionary, Consumer Staples, Utilities.
· PolyNovo Limited (ASX:PNV) was the largest gainer after the company signed distribution deals in Turkey and Poland. Aussie tech stock Afterpay Limited (ASX:APT) and WiseTech Global (ASX:WTC) bagged second and third spot, respectively.
· Among the top decliners, Megaport Limited (ASX:MP1), Whitehaven Coal (ASX:WHC), Mesoblast (ASX:MSB) lead the downside, followed by Pro Medicus (ASX:PME) and Silver Lake Resources (ASX:SLR).