Australia Shares Subdued

Australian stocks were flat in early deals on Wednesday, reversing a notable drop in the prior session as gains in energy minerals, consumer durables, and utilities were offset by losses in healthcare, tech, and consumer non-durables. Overnight on Wall Street, U.S. stocks ended lower amid surging oil prices, U.S. Treasury yields breaching 5%, the highest since 2007, and expectations of a Federal Reserve rate hike later today. Local markets have been in a downtrend since last week, touching their lowest level since early July amid persistent inflationary pressure and expectations of prolonged Reserve Bank tightening. The four big banks were muted, while PLS Group (-2.9%), Suncorp (-2.6%), and Insurance Australia (-1.8%) lagged. Meanwhile, energy stocks jumped, lifting Woodside Energy (3.6%) and Santos Ltd. (2.5%). Traders now brace for comments from Governor Bullock, who is scheduled to appear before Parliament on Friday.