By Oliver Gray
Investing.com - The S&P/ASX 200 fell 152.60 points or 2.07% to 7,212.10 after the first hour of trade on Friday, reversing gains of 0.8% in the previous session amid investor concerns that central bank policymakers will be challenged by increasing inflation pressures and slowing growth.
ASX 200 Futures were pointing 0.4% lower.
Among stocks, Information Technology was hit the hardest, falling 3.8% collectively. Block Inc (ASX:SQ2) fell 2.1%, Appen Ltd (ASX:APX) lost 4.8%, Megaport Ltd (ASX:MP1) shed 5.9%, Novonix Ltd (ASX:NVX) lost 6.2% and Xero Ltd (ASX:XRO) dropped 7.5%.
Materials shed 2.4% overall with Rio Tinto Ltd (ASX:RIO) down 2.5%, BHP Billiton Ltd (ASX:BHP) falling 1.9%, Fortescue Metals Group Ltd (ASX:FMG) down 1.3%, Pilbara Minerals Ltd (ASX:PLS) falling 6.7%, Arizona Lithium Ltd (ASX:AZL) dipping 5.9% and Lake Resources NL (ASX:LKE) down 9.4%.
Health Care retreated 2.8% as CSL Ltd (ASX:CSL) lost 3.5%, Sonic Healthcare Ltd (ASX:SHL) dropped 1.9%, Fisher & Paykel Healthcare Ltd (ASX:FPH) dipped 1.5% and Pro Medicus Ltd (ASX:PME) lost 4.7%.
Financials also dropped 1.8%, with Australia and New Zealand Banking Group Ltd (ASX:ANZ) down 0.7%, National Australia Bank Ltd (ASX:NAB) falling 0.7%, Westpac Banking Corp (ASX:WBC) down 1% and Commonwealth Bank Of Australia (ASX:CBA) dipping 2%. Meantime, Macquarie Group Ltd (ASX:MQG) shed 6.8% after reporting a $4.7 billion profit and raising its dividend.
On the bond markets, Australia 10-Year yields were at 8-year highs of 3.511% while United States 10-Year rates were near fresh 4-year highs of 3.077%.
In New Zealand, the NZX 50 lost 1.3% to 11,593.