AU Morning Wrap: ASX Drops 0.7%, Miners Retreat, Nuix Tumbles

US stocks plunged as markets priced in a higher top to this rates cycle and a greater likelihood of a 50 basis points rate hike in two weeks. Markets reset their expectations following a hawkish appearance by Fed chief Powell before Congress.

Powell told the Senate Banking Committee the bank would consider larger rate hikes if economic data indicated inflation was not coming down quickly enough. His remarks followed unexpectedly strong jobs and inflation reports in the last few weeks.

Shares in Carsales were placed on halt after closing at $22.64 on Tuesday. The company launched a $500 million rights issue at $19.95 per new share on a one-for-14.01 basis to fund an increased stake in Brazil's Web Motors.

PushPay rose 1.3 per cent following the extension of its takeover bid by Pegasus Bidco tp March 13.

Nuix plunged 8.2 per cent after it reaffirmed its rejection of ex CEO Edward Sheehy's claims.

Woodside retreated 7.4 per cent as it traded ex-dividend.

Mr Sheehy contends that the primary Judge was incorrect in concluding that he was precluded from raising the matters in his claims by reason of the doctrine of Anshun estoppel and that share options held by Mr Sheehy could not be exercised following Nuix's IPO in December 2020.

The miner said 70 tonnes of lithium concentrate was generated.

The first shipment is scheduled for July. Four shipments are targeted for the first half of fiscal 2024. The company, which has the ambition to become a large hard rock lithium producer, is targeting total production between 85,000 tonnes and 115,000t during this period.

The fully underwritten 1 for 14.01 pro-rata accelerated renounceable offer is set at $19.95 per share, giving a 10.8 per cent discount to the dividend-adjusted closing price on March 7.

The institutional component opens today and close on March 9. The retail part opens on March 15 and closes on March 30.

The acquisition price is equivalent to $353 million when converted to Australian dollars. The purchase is expected to be completed in the last quarter of fiscal 2023.

Last week, the consortium, comprising BGH and Sixth Street, failed to collect enough shareholder votes. Pegasus is offering$NZ1.34 per Pushpay share. Pushpay last closed at $NZ1.23.

The bidder requested an extension to explore whether it may be possible to agree an alternative proposal.

• Iron ore rebounded yesterday as milder weather fuelled hopes of improved Chinese demand as data showed steel production increased at the end of last month. The China Iron and Steel Association said steel output expanded by 5.16 per cent between February 21 and 28 from the previous ten-day period.

The most-traded May ore on the Dalian Commodity Exchange ended daytime trading 1.34 per cent ahead at 909.5 yuan (US$131.09) a tonne, reversing more than half of Monday's 2.13 per cent fall.

• Gold, which competes with the greenback for investment flows, sank to its lowest in a week. Gold for April delivery settled US$34.60 or 1.9 per cent lower at US$1,820 an ounce.

• Oil fell to its first loss in six sessions as fears of a US slowdown compounded weak Chinese import data earlier in the day.

Brent crude settled US$2.89 or 3.4 per cent lower at US$83.29 a barrel. West Texas Intermediate dropped 3.6 per cent to US$77.58.