Australian shares to slip; Wall Street tech stocks rebound as European COVID cases rise

Australian shares are expected to fall in early trade, despite Wall Street’s technology stocks rebounding from a recent pullback that was sparked by a surge in bond yields.

ASX futures were down 21 points (-0.3pc) by 7:00am AEDT.

The Australian dollar was steady at 77.47 US cents.

A third wave of COVID-19 across Europe due to highly contagious coronavirus variants is boosting concerns about another round of economic restrictions, with Paris going into a four-week lockdown late last week.

“The number of new COVID-19 cases is rising rapidly, and an extension of the lockdown [is] inevitable for many European countries,” said Milan Cutkovic, market analyst at Axi.