These sectors reflected the general market performance across Asia, which struggled with investors growing wary amid a slowing global economy. But it does not mean investors should head for the exits, said Ben Laidler, global market strategist at eToro.

“Much is already discounted by markets which may be in ‘bad news is good news’ mode, as a slowdown cools inflation and interest rate fears,” he said.

“The focus for investors is on cheap and defensive assets while managing rising risks.”

M&A appetite certainly has not dissipated. Australia’s largest Tasmanian salmon producer, Tassal Group, rejected another billion-dollar takeover bid by Canada’s aquaculture giant Cooke Inc.

Collins Foods - which owns KFC and Subway stores - got a boost after it revealed a 25 per cent increase in net profits to $59.7 million for the 2022 financial year and said it will soon be able to afford to put lettuce in its burgers again.

In other local news, skincare group BWX dropped more than 40 per cent after a deeply discounted capital raising.

Across Asian markets on Tuesday, the global bounce from a bear market stalled amid ongoing worries about high inflation and slowing economic growth.

US stocks rallied last week as pressure from rising Treasury yields let up somewhat and investors speculated the Federal Reserve may not have to be as aggressive about raising interest rates as earlier thought as it fights to control inflation.

In other news, Russia has finally defaulted on its foreign debt for the first time since the 1917 Bolshevik Revolution, further alienating the country from the global financial system.

Investors will get another update on US economic growth on Wednesday when the Commerce Department releases a report on first-quarter gross domestic product.

Tweet of the day:

Quote of the day: ”Justin Milne remains on the board. Justin’s a former chairman at the ABC, Netcom Wireless and MYOB. And I know Justin’s really enjoying the new rhythm and energy of the new Tabcorp board.” Tabcorp new chief executive, Adam Rytenskild, at its investor day - not realising that Milne needs no introduction after his entertaining run as the ABC’s chair.

You may have missed: Skincare group BWX is not the only small-cap getting flayed as it tries to raise cash in a volatile market.

The ASX’s Star Wars stock - defence specialist Electro Optic Systems (EOS) - is seeking $15 million from the market at $1.20 a share, a 22 per cent discount to its last traded price and far from the $10-plus it was trading at back in January 2020.

with AP

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