By Oliver Gray
Investing.com - The S&P/ASX 200 fell 34.8 points or 0.5% to 6,594.5 during Wednesday’s trade, declining for the first session in three as investors weighed the probability of an incoming recession as commodities and long term bond yields dipped.
Among stocks, Energy shed 5.8% collectively as Woodside Energy Ltd (ASX:WDS) lost 6.9%, Santos Ltd (ASX:STO) dipped 6.2%, Beach Energy Ltd (ASX:BPT) lost 8% and Viva Energy Group Ltd (ASX:VEA) fell 3.5%.
Materials retreated 5% amid falling Copper and Iron ore prices. Rio Tinto Ltd (ASX:RIO) lost 7.4%, BHP Billiton Ltd (ASX:BHP) fell 5.6%, Fortescue Metals Group Ltd (ASX:FMG) dipped 4.9% and Champion Iron Ltd (ASX:CIA) shed 8.7%.
Meantime, Real Estate added 3.2% overall, with Goodman Group (ASX:GMG) up 3.8%, Charter Hall Group (ASX:CHC) adding 3%, Mirvac Group (ASX:MGR) up 5% and Stockland Corporation Ltd (ASX:SGP) adding 4.1%.
Easing yields also benefited Information Technology companies, with Block Inc (ASX:SQ2) up 4.5%, Appen Ltd (ASX:APX) adding 5.5%, Megaport Ltd (ASX:MP1) lifting 14%, Brainchip Holdings Ltd (ASX:BRN) up 3.2% and Xero Ltd (ASX:XRO) gaining 6.7%.
On the bond markets, Australia 10-Year yields were at 3.405% while United States 10-Year rates were at 2.822%.
In New Zealand, the NZX 50 added 0.6% to 11,027.