Australian shares gave back most of Tuesday’s gains, with the S&P/ASX 200 down 0.8% to 8,532.10 at 12:21pm AEST, as rising global bond yields and inflation concerns weighed on market sentiment. Investors monitored renewed selling in US Treasuries after stronger oil prices fuelled expectations the US Federal Reserve may still raise interest rates later this year.
Materials were the weakest sector as gold slipped below US$4,500 an ounce, pressuring major miners and gold producers. Newmont and Evolution Mining both declined, while BHP fell for a fourth straight session. Financials were also weaker after Morgan Stanley warned the outlook for the major banks had become increasingly uncertain following recent RBA rate hikes, proposed changes to property tax concessions and higher energy costs. Westpac, ANZ, NAB and Commonwealth Bank all traded lower. In contrast, energy stocks outperformed as Brent crude held around US$111 a barrel, supporting gains in Woodside Energy and Santos.
In other company news,
EBR Systems secures US hospital network agreement
EBR Systems (ASX: EBR) secured a three-year purchasing agreement with CHRISTUS Health, the ninth-largest hospital network in the United States, supporting the commercial rollout of its WiSE cardiac pacing system. The agreement creates a procurement pathway across 66 hospitals and allows EBR sales teams to engage directly with clinicians across the CHRISTUS network.
OncoSil receives TGA approval for pancreatic cancer device
OncoSil Medical (ASX: OSL) received approval from the Therapeutic Goods Administration for its OncoSil device to treat locally advanced pancreatic cancer in combination with chemotherapy. The approval opens the way for commercialisation in Australia and marks the first TGA-approved Class III device designed to target tumours directly within the pancreas.
xReality wins first European defence contract
xReality Group (ASX: XRG) secured its first European contract through subsidiary Operator XR, supplying a virtual reality tactical training system to a Swedish military customer. The approximately A$450,000 agreement represents the company’s first deployment with a NATO member’s armed forces and establishes an entry point into the European defence market.
