* Technology stocks lead losses after Snap warning
* Mining stocks rise for third consecutive session
* Pushpay Holdings jumps about 13% on buyout talks
May 24 (Reuters) - Australian shares closed lower on Tuesday
after a volatile session of trading, with technology stocks
leading the fall following an earnings warning from Snapchat
The S&P/ASX 200 index closed 0.3% lower at 7,128.80
after heavyweight mining and financial stocks helped it rise
0.2% in early trade.
The market has been operating in a vacuum since last week
without corporate or economic data to provide direction, said
Kerry Craig, global market strategist at J.P. Morgan Asset
"Broadly, investors are trying to digest whether there will
be more serious decline in economic activity and consumers can
withstand the inflation squeeze," he said.
Technology stocks fell 3% after Snap said
it expected to miss its quarterly revenue target, sending its
stock down 28% in extended trading.
Block Inc's ASX-listed shares slumped 7.3%, while
Tyro Payments fell 5.2%.
Gold stocks slipped 1% on weaker bullion prices.
Miners rose 0.1% in their third consecutive session
of gains, with Rio Tinto up 0.9% and Fortescue Metals
Group adding 0.3%.
Financials advanced 0.3%, with the "Big Four" banks
rising 0.2% and 1%.
Meanwhile, Australia's new prime minister, Anthony Albanese,
said his goals were aligned with the priorities of the Quad
group of countries, and his government would take "ambitious
action" on climate change.
Craig suggested that it was too early to define the
implication on corporate activity from the election or policy
"So far, companies have been more proactive in addressing
investor concerns on climate change than government policy," he
New Zealand's benchmark S&P/NZX 50 index fell 0.6%
to 11,247.03. Payments group Pushpay Holdings Ltd
jumped 12.9% after it confirmed that it was in early talks with
multiple parties over a potential acquisition.
A Reuters poll found that New Zealand's central bank will
increase its official cash rate by half a percentage point when
it meets on May 25, making a hike of that magnitude for the
first time at successive meetings.
(Reporting by Himanshi Akhand in Bengaluru; Editing by