ASX drops ahead of Fed meeting, tech and energy slump

Shares started the week lower with investors alert that the US central bank could signal further interest rate increases are necessary following the rapid rise in oil prices, disappointing investors betting that the tightening cycle is over.

Brent crude futures tested a fresh 10-month peak of $US94.43 a barrel on Monday, up 0.6 per cent on supply cuts, prompting policymakers to assess a second wave of energy inflation. Logistics software group WiseTech Global dropped 2.5 per cent to $67.46. Battery technology company Novonix tumbled nearly 10 per cent to 85.5¢.The biggest laggard was gold miner Silver Lake Resources which sank 8.3 per cent to 88¢ after it confirmed it is the buyer behind an 11 per cent stake in West Australian gold producer Red 5. The trade was first revealed byInfant formula producer The A2 Milk Co retreated 1.1 per cent to $4.

Energy stocks found little joy from higher oil prices. Santos fell 1.6 per cent to $7.78, Beach Energy retreated 1.5 per cent to $1.655 and Woodside eased 1.4 per cent to $37.84.

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