By Oliver Gray
Investing.com - The S&P/ASX 200 lost 246.00 points or 3.55% to 6,686 during Tuesday’s trade, falling to fresh 15-month lows as risk sentiment soured amid growing concerns of a global slowdown while bond yields surged.
Among stocks, Energy companies led the declines, down 4.9%, with Woodside Energy Ltd (ASX:WDS) down 5.3%, Santos Ltd (ASX:STO) falling 5%, Beach Energy Ltd (ASX:BPT) down 5.6% and Viva Energy Group Ltd (ASX:VEA) dipping 3.1%.
Materials tumbled 4.4% overall as iron ore prices fell after reports of fresh COVID-19 outbreaks in China. Rio Tinto Ltd (ASX:RIO) and BHP Billiton Ltd (ASX:BHP) lost 4.2% apeice, while Fortescue Metals Group Ltd (ASX:FMG) fell 8.5% and Champion Iron Ltd (ASX:CIA) dropped 8.8%.
Information Technology plunged 4.5% as Appen Ltd (ASX:APX) fell 0.7%, Megaport Ltd (ASX:MP1) lost 3.9%, Novonix Ltd (ASX:NVX) dipped 8%, Brainchip Holdings Ltd (ASX:BRN) fell 4% and Wisetech Global Ltd (ASX:WTC) dropped 6%.
Financials fell 3.7% collectively, with Macquarie Group Ltd (ASX:MQG) down 5.2%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) falling 4.6%, National Australia Bank Ltd (ASX:NAB) down 4.3%, Westpac Banking Corp (ASX:WBC) dropping 3.7% and Commonwealth Bank Of Australia (ASX:CBA) falling 2.8%.
On the bond markets, Australia 10-Year rates were at 3.943%, the highest levels since April 2014, while United States 10-Year rates were near fresh 11-year highs of 3.305%.
In New Zealand, the NZX 50 fell 2.6% to 10,641.4.