The S&P/ASX 200 (ASX: XJO) succumbed to the global weakening of sentiment, falling 0.6% on Monday with both energy and consumer businesses the major drag.
The ASX energy sector continues to fall as oil prices weaken, dropping 1.6%, despite surging gas prices now impacting the East Coast of Australia.
ASX travel shares hit turbulence
But by far the hardest hit on Monday were ASX travel shares, with the consumer sector falling 0.6% but the likes of Flight Centre Travel Group Ltd (ASX: FLT) and Corporate Travel Management Ltd (ASX: CTD) down over 7% and 6%, respectively.
The driving force was a surge in cases of COVID-19 across Europe and the US and in both highly vaccinated and unvaccinated cities; shares hit a two-month low on the news.
Property party not over
Shares in the Commonwealth Bank of Australia (ASX: CBA) fell another 2.1%, with its economist team now predicting another strong year of growth in property prices in 2022, of around 7%, followed by an ‘orderly’ correction in 2023, as the Reserve Bank begins hiking rates.
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AMP to control office fund
Shares in AMP Ltd (ASX: AMP) rallied another 2.6% to open the week after an independent committee suggested AMP Capital remains the most suited manager of its leading unlisted office fund.
The $7 billion strategy had received takeover proposals from Mirvac Group (ASX: MGR) and GPT Group (ASX: GPT), but ultimately it will remain with the jewel of AMP, set to be transferred into a separate entity in the coming year.
ASX lithium shares surge
Green energy stocks have surged once again, with the materials sector outperforming the market by gaining 0.4%.
The gains were widespread with Nickel Mines Ltd (ASX: NIC) jumping 8%, Pilbara Minerals Ltd (ASX: PLS) adding 5.1% and Orocobre Limited (ASX: ORE) up 4.7%.
Nickel Mines shares were beneficiaries of an announcement of a further expansion in its Indonesian assets with Chinese firm Shanghai Decent Investments, which will see the company partner on optimising its transition to renewable energy sources across its production assets.
ASX 200 today
Looking ahead, the ASX 200 is tipped to open lower on Tuesday after the Nasdaq tumbled more than 1% overnight. To find out more, check out my US stock market report.