Following the tech-led rout on Wall Street overnight, major bourses in Asia fell with Nikkei and Hang Seng both down by more than 1%.

The ASX 200 however bucked the trend, rising by 0.35% today and finishing the week just 0.44% below the previous.

Energy, miners and utilities led today, all rising by more than 1.5% but Tech stocks were hammered down by more than 3%.

BNPL stocks were the worst hit, following news that the US consumer protection bureau is commencing an inquiry into the industry.

The US Consumer Financial Protection Bureau (CFPB) announced that it has asked five US BNPL operators –  Afterpay, Zip Co, Affirm, Klarna, and PayPal –  to submit information about their industry practices and risks.

The Bureau said it wants to conduct an investigation into how current consumer protection laws apply to these BNPL operators, as well as how the companies harvest and use customer data.

At the time of writing, both Afterpay (ASX:APT) and Zip Co (ASX:Z1P) were down 8%, while smaller players like Sezzle (ASX:SZL) and Laybuy (ASX:LBY) plummeted by 4-9%.

On a more positive note, Afterpay’s proposed takeover by Block was today given the green light by the NSW Supreme Court.

Meanwhile, a mini commodities rally overnight saw ASX miners and energy stocks catching a bid.

With gold push above $1,800/oz overnight, miners like Northern Star Resources (ASX:NST), and AngloGold (ASX:AGG) rose by as much as 5%.

BIG CAP WINNERS

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De Grey Mining (ASX:DEG) lifted 7% as latest drilling at Diucon returned impressive results.

These include 63m grading 4.3 grams per tonne (g/t) gold from 87m in HERC770, along with visible gold within a 14.2m intersection at 6.3g/t gold from 67m in HEDD060.

 

BIG CAP LOSERS

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EML Payments (ASX:EML) has released a statement responding to media news about a potential class action suit brought by Shine Lawyers against the company.

The proceedings are said to relate to whether EML failed to disclose information about correspondence received in May 2021 from the Central Bank of Ireland (CBI) in a timely manner.

EML said it has complied with its disclosure obligations in that regard, and will vigorously defend any proceedings against the company.

More bad news for embattled funds manager Magellan Financial (ASX:MFG) as it requested a trading halt until Monday, citing the termination of a material contract.