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ASX Set to Slide as Tech Slump, Rising Oil Prices Hurt Wall Street; CBA Profits Rise to $2.7b

Tech and AI shares led losses as oil prices climbed and traders bet the Federal Reserve may keep rates higher for longer.

The Australian sharemarket is set to slide lower on the back of a negative Wall Street lead while investors will also have to digest the ramifications of the federal budget.

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Sydney Morning Herald broke the news in Sydney, Australia on Tuesday, May 12, 2026.
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