• ASX 200 fell 1.5% and finished the week lower by 
  • The Mining Index had its largest weekly drop since August
  • Markets have been spooked after hawkish US Fed comments overnight


It was carnage across the board as local shares took a direct hit from the hawkish US Fed comments overnight.

Mining and Tech were the worst performing sectors today, as the ASX 200 index plunged 1.57%. For the week however, the index closed flat.

The Mining sector was down 3% today, and ended the week 4% lower, its biggest weekly loss since August. Iron ore miners have particularly struggled this week as China’s snap lockdowns continued.

Overnight, US stocks got hammered following hawkish comments by Fed Governor Jerome Powell that suggested he would like to see a 50bp rate increase in May, and faster ‘front-loading” hikes after that.

The US 10 year yield surged to its highest level on the news to 2.91%.

Meanwhile, a note out of Westpac says that it expects a 40bp hike by the RBA in its June meeting.

“We anticipate that market and media expectations will shift towards a 40 basis point move over the next six weeks and the anticipated shock to confidence will be contained,” said Bill Evans, chief economist at Westpac.



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Bellevue Gold (ASX:BGL) rose 2% after releasing its reserve update to investors.  New results, which came from Deacon North, included:  2.1m @ 42.8g/t gold from 411.6m, including 0.6m @ 142.0 g/t gold.



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Megaport (ASX:MP1) lost another 10% today, bringing its loss for the week to 25%. The data centre specialist has been struggling after reporting a disappointing Q3 where revenue growth only increased by 5% to $28m.

Westpac (ASX:WBC) lost over 1% today after the Fed Court fined the bank $113m for a series of breaches and failures across multiple businesses. This includes a penalty of $40 million for charging fees to over 11,800 deceased customers.