AU Morning Wrap: ASX Erases May Gains Amid Growing Sell-Off; BHP Drops After Anglo Takeover Withdrawal

The market fell Wednesday. The $S&P 500 Index (.SPX.US)$ traded -0.74%, the $Dow Jones Industrial Average (.DJI.US)$ fell about 1.06%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.58%.

The $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell to 4.98%, and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed to 4.56%.

Australian shares have slipped lower, tracking the weakness in New York as risk appetite fades due to concerns about the path of interest rates. The $S&P/ASX 200 (.XJO.AU)$ is down 57 points or 0.7% to 7640, extending the three-week lows reached yesterday following a hotter-than-expected inflation print. Over the past five sessions, shares have fallen more than 3%, with all 11 sectors experiencing drops.

The $AUD/USD (AUDUSD.FX)$ is trading at US66.09¢, a decrease of 0.01%.

As of latest data, $Bitcoin (BTC.CC)$ is priced at $67,677, down 0.96% in the past 24 hours, while $Ethereum (ETH.CC)$ is priced at $3,771, down 1.87% in the past 24 hours.

$BHP Group Ltd (BHP.AU)$ has decided not to make a firm offer for Anglo American, resulting in a 1.4% decline in the company's shares to $4.44, which is reflective of similar losses across the mining sector. This decision marks the end of what would have been the largest mining deal in more than a decade.

Wearable sports hardware business $Catapult Group International Ltd (CAT.AU)$ has seen a 14.8% surge in its shares to $1.78 after reporting a narrowing of its net loss to $US19.1 million on sales up 18.5% to $US100 million for the 12 months ending March 31.

Shares of Australian beef producers have risen after Agriculture Minister Murray Watt confirmed that China had lifted its ban on Australian beef exporters that were locked out during a trade war in 2020. $Australian Agricultural Co Ltd (AAC.AU)$ is up 3.2% to $1.46, and $Elders Ltd (ELD.AU)$ has risen 1.5% to $8.32.