Half-time wrap:
The share market handed back much of this week's gains as rising bond yields underscored deteriorating hopes for rate cuts this year, while index heavyweight BHP was marked down after launching a massive takeover offer for a British rival.
The ASX 200 slumped 99 points or 1.29% by mid-session. Weak leads from the US were compounded by a 4.3% drop in BHP amid speculation the miner will have to increase its $59.6 billion takeover offer for Anglo American. BHP is the ASX's largest company, accounting for more than 10% by index weighting.
All 11 Australian sectors fell after a fresh inflation scare in the US sent stocks lower. The S&P 500 slipped 0.46% overnight after consumer prices turned higher while the economy posted weaker Q1 growth than economists expected.
The yield on 10-year Australian government bonds popped 13 basis points this morning to the highest since early December.
Today's reversal drove the ASX 200 down to within 15 points of where it started the week. The decline might have been larger, but for gains in US futures following well-received after-market trading updates this morning from Microsoft and Alphabet. S&P 500 futures bounced 0.82%.
Personal trading: Caught NHF near the low and squeezed pips from PCL and CXU.
