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BUZZ-Australia's IT stocks drop tracking Wall Street slump

Reuters
Aug 05, 2024

** Australia's IT stocks fall as much as 6.4%, posting their biggest one-day pct decline since mid-June 2022

** Sub-index hits its lowest level since May 2, weighing on the broader benchmark index which falls 3.8%

** U.S. stocks tumbled on Friday after a weak jobs report sparked recession fears in the world's largest economy

** On Monday, futures of the tech-heavy Nasdaq were trading down 5% as at 0550 GMT

** SaaS firm Xero and logistics software provider Wisetech Global lose 6.4% and 8.1%, respectively

** ASX-listed shares of Block plunge 10.7%, their biggest intraday drop in a year

** Sub-index trims YTD gains to 18.6%

(Reporting by Aaditya Govind Rao in Bengaluru)

((Aaditya.govindrao@thomsonreuters.com;))

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