Meanwhile, miners benefited from stronger iron ore prices. “Our commodities are re-rating after a selldown last week with those China [slowdown] concerns,” he added. “Generally, if resources move higher, our market will stay buoyant on the back of that.”

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Woodside’s 0.4 per cent slide could have been worse but wasn’t, signalling investor confidence that the oil and gas giant would continue to generate strong revenue, Dawes added.

One piece of mining news that didn’t get a chance to move the dial on Tuesday is Fortescue Metals’ announcement at 4:40pm that they had appointed a new CEO, former Woodside executive Fiona Hick. Her appointment comes after some high-profile executive departures within Andrew Forrest’s business empire, which has raised some eyebrows, but Forrest has defended the company’s culture.

Commonwealth Bank finished 0.4 per cent lower, but the rest of the big four banks inched higher in afternoon trade.

Cult favourite almond milk Milklab’s maker, Noumi, lost 9 per cent of its share price after unveiling at its AGM that rising raw milk prices, bad weather, and lower demand from its export customers were all impacting the company’s financial performance. The company narrowly avoided a first strike on its remuneration report, with 23.7 per cent voting against it, as it fended shareholder questions about why executives should receive bonuses when the share price was at near-historic lows and shareholders had not been paid dividends.

Wall Street slumped on the back of turmoil in China amid growing unrest over COVID-zero policies. The recent upheaval in China is the greatest show of public dissent against the ruling Communist Party in decades.

The S&P 500 lost 1.5 per cent while the Dow Jones slumped by 1.5 per cent and the Nasdaq fell by 1.6 per cent.

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The greenback rebounded in early US trading and added to gains after St. Louis Fed President James Bullard said that the US central bank needs to raise interest rates quite a bit further and then hold them there throughout next year and into 2024 to gain control of inflation and bring it back down toward the Fed’s 2 per cent goal. His comments helped send the Australian dollar diving 1.6 per cent overnight. It is fetching 66.54 US cents at 11.42am AEDT.

Markets in Asia and Europe slipped. Bond yields held relatively steady. The yield on the 10-year Treasury rose to 3.70 per cent from 3.69 per cent on Friday.

The fallout from the collapse of crypto exchange FTX continued. Cryptocurrency lender BlockFi is filing for Chapter 11 bankruptcy protection.

Anxiety remains high over the ability of the Federal Reserve to tame inflation by raising interest rates without going too far and causing a recession. The central bank’s benchmark rate currently stands at 3.75 per cent to 4 per cent, up from close to zero in March. It has warned it may have to ultimately raise rates to previously unanticipated levels to rein in high prices on everything from food to clothing.

Federal Reserve Chair Jerome Powell will speak at the Brookings Institution about the outlook for the US economy and the labour market on Wednesday.

Tweet of the day:

Quote of the day: “Maintaining the trust of customers is key. And KFC has worked hard over the past decade to keep value perception high,” said Collins Foods managing director Drew O’Malley. “We really want to make sure we don’t get in front of our customers in areas like pricing.”

You may have missed: Late on Tuesday afternoon, Crown Resorts documents lodged with ASIC revealed losses of just under a $1 billion for the last financial year as the combination of financial penalties, extensive investment in compliance and COVID-19 restrictions outweighed the group’s profits.

A Crown representative attributed the poor performance to a number of factors, saying the results had been heavily affected by a series of one-off costs and should not be taken as a forward view of operating performance.