By Oliver Gray
Investing.com - The S&P/ASX 200 lost 25.10 points or 0.35% to 7,105.70 during midday deals on Friday, easing from gains of 1% in the previous session as long term bond yields surged to the highest levels since December 2018 following fresh U.S. inflation data released overnight, showing the fastest acceleration in prices since 1982.
ASX 200 Futures were pointing just 0.06% higher.
Among stocks, the rate-sensitive tech sector declined 1.7%, as Block Inc (ASX:SQ2) fell 3.33%, Appen Ltd (ASX:APX) fell 3.44%, Brainchip Holdings Ltd (ASX:BRN) dipped 2.09%, Computershare Ltd. (ASX:CPU) eased 0.14%, mp1 declined 3.4%, Iress Ltd (ASX:IRE) gained 3.83% and Nextdc Ltd (ASX:NXT) lifted 1.19%.
Materials added 1.18% collectively, with Rio Tinto Ltd (ASX:RIO) up 1.95%%, BHP Billiton Ltd (ASX:BHP) lifting 1.21% and Fortescue Metals Group Ltd (ASX:FMG) dipped 2.36% following the RBA’s Deputy Governor Guy Debelle announcement that he will assume the new role of Chief Financial Officer (CFO) of Fortescue Future Industries in June 2022.
Financials were just 0.06% higher overall, with Macquarie Group Ltd (ASX:MQG) down 0.71%, Australia New Zealand Banking Group Ltd (ASX:ANZ) up 0.5%, National Australia Bank Ltd (ASX:NAB) up 0.37%, Westpac Banking Corp (ASX:WBC) gaining 0.79% and Commonwealth Bank Of Australia (ASX:CBA) lifting 0.09%. Meantime, Zip Co Ltd (ASX:Z1P) dipped 2.05%
On the bond markets, Australia 10-Year yields were at 2.4% while United States 10-Year rates were at 1.983%.
In New Zealand, the NZX 50 was down 0.35% to 11,884.