By Oliver Gray
Investing.com -The S&P/ASX 200 shed 177.90 points or 2.49% to 6,961.60 during Tuesday’s trade, extending declines for the third consecutive session and closing at 8-month lows as local CPI data came in higher than expected, compounding global inflation fears ahead of the U.S. Federal Reserve’s rate decision later in the week.
Among stocks, Energy saw the biggest declines, falling 4.08%, with Woodside Petroleum Ltd (ASX:WPL) down 3.98%, Santos Ltd (ASX:STO) down 4.82% and Beach Energy Ltd (ASX:BPT) losing 7.77%
Technology suffered sharp losses, down 3.23% as Appen Ltd (ASX:APX) plummeted 7.09%, Novonix Ltd (ASX:NVX) dropped 7.52%, Brainchip Holdings Ltd (ASX:BRN) plunged 13.6%, Wisetech Global Ltd (ASX:WTC) lost 6.59% and Xero Ltd (ASX:XRO) dropped 3.49%.
Materials sank 2.98% as Rio Tinto Ltd (ASX:RIO) lost 0.82%, BHP Billiton Ltd (ASX:BHP) fell 1.25% and Fortescue Metals Group Ltd (ASX:FMG) lost 4.97%. Arizona Lithium Ltd (ASX:AZL) tanked 18.75%, Magnis Resources Ltd (ASX:MNS) dropped 12.38%, Jervois Mining Ltd (ASX:JRV) lost 8.15%, Ardea Resources Ltd (ASX:ARL) fell 6.78% and Avz Minerals Ltd (ASX:AVZ) lost 9.59%.
Financials dipped 2.98% with Macquarie Group Ltd (ASX:MQG) down 2.29%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) falling 3.6%, Commonwealth Bank Of Australia (ASX:CBA) down 2.04%, National Australia Bank Ltd (ASX:NAB) falling 2.91% and Westpac Banking Corp (ASX:WBC) losing 2.84%.
Myer Holdings Ltd (ASX:MYR) bucked the trend however, gaining 6.76% after reporting a 12.3% increase in total sales from August 1 to January 1, despite Omicron affecting trade.
On the data front, Australia's annual inflation rate rose to 3.5% in Q4 of 2021. Surging inflation has prompted central banks in other parts of the world to raise rates as economies recover from the pandemic.
On the bond markets, Australia 10-Year yields were at 1.936%, while United States 10-Year rates were at 1.762%.
In New Zealand, the NZX 50 lost 0.52% to 12,128.