Stocks in retreat across major indices “Tech stocks continue to cling on to small gains this afternoon but the broader tone is firmly negative. Monday’s session had shown the signs of rotation that so many investors had been hoping for, transferring leadership from unstoppable tech names to unloved sectors, but this has fizzled out rapidly.
Higher inflation in Australia has not helped matters, and raises the uncomfortable prospect that major bugbear of the past two years is set to make an unwelcome return, leading to rate hikes featuring in central bank policy once again. All eyes are now firmly on Friday's PCE data in the US, at least until Sunday's French elections.
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