It was almost a complete reversal of what happened last week, as commodities tumbled and tech stocks rallied today.

The broader ASX 200 index gained 1%, as sentiment shifted towards riskier assets with all 11 sectors in the green.

The Tech sector was the best performing and was up by more than 3%, mirroring the rally in tech-heavy Nasdaq overnight.

Although there are still clear geopolitical risks ahead, sentiment has been buoyed by the latest Russia-Ukraine talks which “went well”, according to Ukrainian president Zelinsky.

Brent crude has retreated to around US$100 a barrel, a far cry from the US$140 a barrel peak last week.

The overall rally in commodities has generally been checked by the latest lockdown in China, where Covid cases have doubled in recent days.

Metals like iron ore has traded lower by 6% to around US$144/tonne, as clouds loom over China’s economic outlook.

Later tonight (US time), we’re expecting the US Fed to announce a 25bp rate increase to rein in runaway inflation, which is at a 40-year high.

But market reaction will likely be mute, with analysts saying it’s already been priced in to assets prices.

 

BIG CAP WINNERS

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5E Advanced Materials (ASX:5EA) was up 5% after announcing that it has commenced trading on the Nasdaq under ticker symbol “FEAM”.

Travel stocks flew higher today on news that New Zealand will open its border to Australian tourists earlier than expected. Corporate Travel (ASX:CTD) was the best travel stock, up by 5% today.

Tech stocks like Block Inc (ASX:SQ2), WiseTech Global (ASX:WTC) and Xero (ASX:XRO) also caught a bid, up by 5%-7%.

 

BIG CAP LOSERS

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