Local shares slipped 0.73% today as the Reserve Bank (RBA) warned the war in Ukraine could cause higher inflation and lower growth globally.

In its minutes from the March 1st meeting, the RBA also warned of further disruptions to the global supply chains.

“…it would take time for supply issues in the global economy to be resolved. The war in Ukraine is adding to these challenges.”

Experts say that China’s recent lockdown of the southern coastal city of Shenzen could also exacerbate the supply chain issues, as factories in the city have been told to halt operations temporarily.

On the ASX, Energy and Mining  were the underperforming sectors today, falling by 3% each.

Iron ore mining stocks in particular were being sold down, as clouds loom over China’s economic outlook due to the lockdowns.

Fortescue Metals (ASX:FMG) was down almost 5% today, while gold stocks slipped again to US$1,940/ounce from the US$2k level just a week ago.

Brent crude has also been down by more than 20% this week from the peak of US$140 seen last week.  A deal by the US that could see Iranian oil back on the market could be struck within days, reports said.

Oil stocks like Santos (ASX:STO) were down almost 5%.

Traders’ eyes are set on the US Fed FOMC meeting this week, which is expected to bring a 25 basis point rate hike.

 

BIG CAP WINNERS

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Telco Uniti Group (ASX:UWL) was the best large cap performer today, up around 15% to $3.68.

The company confirmed it has entered into exclusive discussions with HRL Morrison on behalf of its managed funds clients who are seeking to acquire Uniti at $4.50 per share in cash.

Church donor fintech company, Pushpay (ASX:PPH), was up 5% after increasing as well as narrowing its guidance range.

The company said that it now expects underlying EBITDA for the full year to be between US$61.5m and US$63.5m – compared to the previous guidance of between US$60m and US$65m.

 

BIG CAP LOSERS

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Chalice Mining (ASX:CHN)  and Yancoal (ASX:YAL) were the worst performing large stocks today, down around 7%- 10%.