Nasdaq tumbles as growth stocks drop, US 10-year yield surges

The RBA’s rate increases have been painful for borrowers, but clever savers can earn much more on their deposits.AUD -0.3% to 69.17 US centsIn New York: BHP -1.5% Rio -1.6% Atlassian -0.7%In Europe: Stoxx 50 -1.2% FTSE -0.4% CAC -0.8% DAX -1.4%Iron ore +0.4% to $US124.50 a tonneUnited States

Intel Corp is weighing a $US1.5-billion expansion of its chip testing and packaging plant in Vietnam, two sources familiar with the matter told Reuters. Shares of the chip behemoth dipped.US consumer sentiment survey improved further in February month-on-month, but households expected higher inflation to persist over the next 12 months, the University of Michigan’s preliminary February reading showed.

Output fell 0.2 per cent in the three months to the end of September - when many businesses shut briefly to mark Queen Elizabeth’s funeral - and another consecutive fall in output in the fourth quarter would have met Europe’s usual definition of recession. Oil rose, heading for its biggest weekly gain in four months, after Russia followed through on threats to reduce production in response to western energy sanctions.

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ASX marks two-day slide as coal stocks crumbleShares notched their biggest one day decline since early January as the Reserve Bank of Australia again boosted its forecast for core inflation.
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