By Oliver Gray
Investing.com - the ASX 200 traded 54.30 points or 0.74% lower to 7,265.80 on Monday, partially retracing gains of 1.8% in the previous week as rising long term bond yields continued to dampen risk sentiment, while a weaker than expected jobs report in the U.S. raised uncertainties around the Federal Reserve’s proposed taper timeline.
ASX 200 Futures were 0.45% or 32 points lower at 7245.
In coronavirus news, New south Wales tallied 496 fresh cases today, with residents celebrating the easing of restrictions after more than 100 days in lockdown as the state hit its vaccination targets. Meantime, Victoria added 1612 cases, as the state remains on track to ease restrictions later this month.
Among stocks, Star Entertainment Group Ltd (ASX:SGR) has plummeted 18% to 8-week lows following this morning’s reports about alleged misconduct. Technology stocks were also lower as bond yields continue to rise, with Afterpay Touch Group Ltd (ASX:APT) losing 4.02%, Appen Ltd (ASX:APX) down 3.58% and Wisetech Global Ltd (ASX:WTC) falling 2.25%.
On the bond markets, Australia 10-Year yields were at 5-month highs of 1.7% while {23705|United States 10-Year}} rates were at similar 4-month highs of 1.615%.
Among data, investors in Australia will be looking ahead to NAB business confidence, Westpac consumer sentiment and employment figures set to be released later in the week.
In New Zealand, the NZX 50 moved 24.72 points or 0.19% lower to 13061.88.