Growing concerns of runaway inflation and a sooner-than-expected rate hiked spooked tech stocks globally.

After the tech-heavy NASDAQ fell almost 1% on Friday, the ASX Tech sector was today’s worst performer on the local bourse, down by 0.70% in a rising market.

Tech and Industrials (down 0.48%), were the only two sectors that fell today, with the broader ASX 200 index rising by 0.41%.

On Friday (US time), US Fed Chairman Jerome Powell said the central bank was monitoring price pressures and would adapt its policies accordingly.

“Global supply-chain constraints and shortages that have led to elevated inflation are likely to last longer than previously expected, likely well into next year,” Powell said.

US Treasury Secretary Janet Yellen echoed Powell’s comments.

“On a 12-month basis, the inflation rate will remain high into next year because of what’s already happened. But I expect improvement … by the middle to end of next year, second half of next year,” she told CNN.

The Energy sector led today, with the likes of Beach Energy (ASX:BPT) and  Woodside Petroleum (ASX:WPL) advancing by 4-5% after crude oil prices extended gains by 1% as global energy supplies remain tight.



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Mineral Resources (ASX:MIN)

MARBL Lithium, a joint venture between MIN and NYSE listed Albemarle Corporation, announced that it’s about to restart operations at the Wodgina Lithium Mine in the Pilbara region.

MARBL expects Wodgina, which was placed on care and maintenance in November 2019 because of weak market conditions, to be restarted to produce spodumene concentrate during the third quarter of 2022.

Mineral owns 40% of MARBL, while Albemarle owns 60%.

Origin (ASX:ORG)

The company has executed an agreement with global energy investor, EIG, to sell Origin’s shareholding in Australia Pacific LNG for $2.12 billion, retaining a 27.5% stake after the sale.

“Divesting a 10 per cent interest allows Origin to crystalise some of the significant value we have created in Australia Pacific LNG,” said Origin CEO, Frank Calabria.

Meanwhile, Hutchison Telecom (ASX:HTA), up by 13%, and Imugene (ASX:IMU),up by 5% – both advanced on no news.



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SmartGroup (ASX:SIQ)’s potential buyer, a consortium comprising TPG Global and Potentia Capital, has called off its proposal to acquire SIQ at $10.35 per share.