In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but has fallen just short. At the time of writing, the benchmark index is down slightly to 7,321.1 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down 5% to $1.80. Investors have been selling Beach Energy and other energy producers on Tuesday after oil prices tumbled overnight. Traders were selling oil amid concerns that the US Federal Reserve will cause a recession with its interest rate hikes.
Block Inc (ASX: SQ2)
The Block share price is down 4.5% to $95.11. This follows a similarly sharp decline by the payments giant's NYSE listed shares overnight. Investors were selling tech shares on Wall Street amid concerns that interest rates will now rise more than expected.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 3% to $9.23. This has been driven by the release of the fund manager's latest funds under management (FUM) update. That update revealed that Magellan recorded a further $2.5 billion fund outflow during the month of November. Magellan's FUM is now down approximately 57% since this time last year.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 5.5% to 64.7 cents. Investors have been selling this gold miner's shares after the price of the precious metal fell overnight. This was driven by higher interest rate expectations. It isn't just St Barbara dropping today. The S&P/ASX All Ordinaries Gold index is down 1.9% this afternoon.
