• The ASX200 is trading 0.81% lower at 7363.70 after lunchtime.
• Xero is tumbling more than 7% after releasing Q1 results.
• Ramsay Health shares hit by Q1 FY22 results impacted by lockdowns.

The Australian market is following Wall Street’s lead from overnight to trade 0.81% lower at 7363.70 in today’s session so far weighed down by heavy losses for tech stocks.

The Australian economy shed 46,300 jobs in October, tumbling well below market expectations of an increase in jobs of 50,000 for October as NSW and Victoria emerged from extended lockdowns. The unemployment rate has been pushed to 5.2% following the fall in jobs for the month.

The tech sector is leading losses on the ASX today following the Nasdaq’s turbulent session overnight, with Nearmap tanking 10.23%, while Xero sheds 7.24% and Wisetech Global is down 3.43%.

Bitcoin is trading 4.12% lower over the last 24-hours at US$64,330.53 at 1:30pm AEDT.

Cloud-based accounting software company Xero is tanking more than 7% today as investors respond to the company’s first quarter results. For the period, Xero reported a 23% increase in operating revenue to NZ$505.7m, annualised monthly recurring revenue rose 29% to NZ$1.13bn, total subscribers increased 23% to 3m, and EBITDA declined 19% to NZ$98.1m. Investors are selling out of Xero shares today after the company didn’t include a sales or earnings guidance for FY22.

Making headlines, Ramsay Health shares are taking a hit today following the release of first quarter results. For the period ended 30 September, Ramsay Health reported revenue declined 0.7% to $1.72bn due to elective surgery restrictions, and EBIT for Europe and the UK declined 115% and 45% respectively.

And Elon Musk is selling over US$1.1bn of his Tesla soldering, offloading more than 930,000 shares, in part to satisfy tax obligations and also following his Twitter poll on what to do with the offloaded funds.