An early rally fizzled, undermined by deteriorating sentiment across the region, especially in China. The threat posed by prolonged lockdowns in Asia’s largest economy are only just starting to be digested. The materials and energy sectors proved to be the swing factor, moving from gains to losses as futures sank. Fortescue was among the worst performers sliding 3.1%. The banks kept the market afloat as 10-year Australian yields moved above 3% for the first time since 2015, reflecting growing RBA rate hike expectations. REITs didn’t mind the higher rates. Information technology did. Lithium producers were also pressured as was A2 Milk given its China exposure. Graincorp continued to rally following its guidance upgrade although today’s 6.3% move reflected optimism among the broker community. After a bright start, the S&P/ASX 200 spluttered its way to a gain of 0.1%.

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