Australia: Shares snap two-day winning streak as tech, financials drag

AUSTRALIAN shares slipped on Tuesday, driven by losses in financials and technology stocks, even as broader investor sentiment elsewhere was lifted by new stimulus measures and the easing of Covid-19 restrictions in China. The S&P/ASX 200 index was down 0.3 per cent at 7261.4 points, as of 0039 GMT, snapping a two-session winning streak. The benchmark has lost 2.2 per cent so far this month. Global sentiment, however, was largely afloat as certain Covid-19 curbs in China were eased at capital city Beijing and financial hub of Shanghai after two months of lockdown. Shanghai authorities also announced an action plan to boost the economy. In other key markets, Japan’s Nikkei edged up 0.1 per cent to 27379,53 and S&P 500 E-minis futures were up 0.3 per cent. US markets remained shut on Monday for the Memorial Day holiday. Domestic technology stocks emerged as top losers in the benchmark index, shedding over a percent with ASX-listed shares of sector major Block Inc. down 3.3 per cent. Technology stocks are on track to register a 7.5 per cent drop in May. Financials, which slipped 0.4 per cent, were set for a monthly drop of 2 per cent, with the “Big Four” banks trading in red on Tuesday. Export-reliant miners and mining sub-index was trading steady with sector giants BHP Group, Rio Tinto and Fortescue Metals Group climbed between 0.3 per cent and 1.5 per cent. Energy stocks were flat even as oil prices climbed to US$121 per barrel mark, with Santos adding 1.5 per cent. New Zealand’s benchmark S&P/NZX 50 index was up 0.6 per cent at 11209.88, as of 0039 GMT. REUTERS