Market Wrap / tech issues

There was a sea of red across Asian equity markets on Tuesday, following broadly negative cues from Wall Street as investors adopted a risk-off sentiment amid worries of a US recession.

Australian shares touched a seven-month low during the local session, dragged down by tech stocks.

The S&P/ASX 200 lost 0.9% to 7,890.1 points. The IT sector fell 4.1%, with Xero down 5.1%.

Shares of Qantas Airways slumped as they traded ex-dividend. Qantas closed lower by 8.9%.

Shares of Nickel Industries tumbled 18.3% as Indonesia, where NIC has a number of mines, mulls higher taxes on miners to help cover budget gaps.Polynovo fell 7.6% as CEO Swami Raote stepped down, amid reports of bullying at the company.

Meanwhile Star Entertainment named Salter Brothers as the party behind the embattled casino operator’s $940 million refinancing that could help stave off a collapse. 

In economic data, consumer confidence hit a three-year high according to the latest Westpac-Melbourne Institute survey.Tonight in the US; the NFIB small business optimism index is released along with JOLTs job openings data. Kohl's releases earnings.

Locally on Wednesday; Deterra Royalties, Orica and Telix Pharmaceuticals will host investor briefings. 

Companies trading ex-dividend include Brambles and Breville Group.