ASX 200 Rebounds as Energy and Mining Gains Offset Tech Slump

The S&P/ASX 200 snapped a three-session losing streak on Tuesday, gaining 49.10 points, or 0.67%, to close at 7,402.20. The broader All Ordinaries Index followed suit, rising 0.53% to 7,728.90. This recovery occurred despite a mixed and generally negative performance from U.S. markets overnight, where the Nasdaq fell 1.3%. The Australian market's resilience was primarily fueled by the materials and energy sectors. Mining giants saw significant jumps, with Fortescue Metals surging nearly 8%, while BHP Group and Rio Tinto both gained approximately 4%. In the energy sector, Woodside Petroleum rose nearly 4% following the finalization of a $40 billion all-stock merger to integrate BHP's petroleum assets. Conversely, the technology sector mirrored the Nasdaq's decline, with WiseTech Global plunging 7% and Afterpay sliding over 5%. Gold miners also faced pressure, with Evolution Mining dropping 4% and Northern Star Resources slipping more than 3%. Additionally, Bapcor shares fell more than 8% following the announcement that CEO Darryl Abotomey will retire on February 28, 2022. Economic indicators provided further support for the domestic market. The latest survey from Markit Economics showed the manufacturing PMI accelerated to 58.5 in November, up from 58.2 in October. The services PMI and composite index both improved to 55.0, signaling continued expansion in the Australian economy. In the currency markets, the Australian dollar was trading at $0.723.