Shares in payments platform Tyro fell as much as 3 per cent despite the company improving its guidance for the 2023 financial year. Shares recovered to finish the day’s trade up 1.7 per cent.

The information technology sector more broadly fell 2.6 per cent, with Xero closing 3.8 per cent down and WiseTech global shedding 2.25 per cent. Block Inc CDI lost 6.2 per cent, after the fintech conglomerate chaired by Twitter founder Jack Dorsey fell 7.3 per cent on the Nasdaq.

Mining stocks, still broadly down, got a boost from rising iron ore futures as China returned from its Golden Week holiday pause.

Investors will be looking to see whether China can stimulate its faltering economy and boost the resources sector as the ruling Communist Party begins its 20th National Congress on Sunday, Richardson said.

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“They’ve shown their intent, which is to try and stimulate the economy,” he said. “Then the question mark is how quickly it can translate into demand.”

Good news on the economy remains bad news for Wall Street, where the S&P 500 ended 2.8 per cent lower after briefly dropping 3.3 per cent as traders weighed a government report showing employers hired more workers last month than economists expected.

“The employment situation is still good and that might be a little frustrating to the Fed,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments. “The Fed thinks we need more people unemployed in order to make sure inflation comes down and stays down.”

Stocks have tumbled more than 20 per cent from records this year on worries about inflation, interest rates and the possibility of a recession.

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Quote of the day: “There are real issues around energy pricing that we’ve got right now,” Alinta chief executive Jeff Dimery told the Australian Financial Review’s energy summit in Sydney on Monday, warning that electricity bills for Australian homes and businesses could rise by at least 35 per cent next year.

You may have missed: In the UK, the latest twice yearly Brookings-Financial Times tracking index found that growth momentum, as well as financial market and confidence indicators, have deteriorated markedly as soaring prices and geopolitical uncertainty fuel mounting economic pessimism across the world’s major economies.

With AP