Oct 3 (Reuters) - Australian shares reversed early gains
on Monday, as investors fretted that aggressive interest rate
hikes to bring down red-hot inflation would tip the global
economy into recession.
The S&P/ASX 200 index fell 0.87% to 6,417.6 by 0056
GMT, after opening 0.5% higher on strong commodity prices. The
benchmark closed 1.2% lower on Friday, wrapping up its worst
month since June.
Interest rate-sensitive technology stocks fell 2.2%,
with software firm Novonix tumbling 4.8% and Megaport
Financials dropped nearly 1%, with three of the "Big
Four" banks shedding more than 1% each.
Energy was the only sector trading in positive
territory with a 0.2% gain, as oil prices jumped on OPEC+
considering cutting output of up to 1 million barrels per day at
a meeting this week to support the market.
Sector heavyweights Woodside Energy and Santos
climbed 2.6% and 3%, respectively.
Global miner Rio Tinto was down 0.1% after calling
for the resignation of Peter Mansell, the chairman of Energy
Resources Of Australia, to address the material cost
and schedule overruns of the critical Ranger uranium mine.
ASX-listed shares of Janus Henderson declined 3.8%
after the London-based asset manager announced changes to its
board, including the retirement of chairman Richard
Meanwhile, baby formula maker Bubs Australia rose
nearly 3% on seeking permanent access to the U.S. market after
the Food and Drug Administration (FDA) spelled out how companies
that have been filling a temporary shortage can become long-term
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50
index fell 0.95% to 10,960.5.
(Reporting by Riya Sharma in Bengaluru; Editing by Subhranshu