Investors shift into companies whose fortunes are linked more closely with economic growth

A sell-off in global technology stocks accelerated on Wednesday following minutes from the latest US Federal Reserve meeting that indicated the central bank may raise interest rates more quickly than expected.

The technology-heavy Nasdaq Composite fell 3.3 per cent, its biggest decline in almost a year, as fading concerns about the Omicron coronavirus variant were amplified by bets on rising interest rates, lowering the appeal of the tech sector that has prospered during the pandemic.

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