1. Third consecutive La Nina weather pattern for east coast Australia confirmed
Much of Australia will face unusually heavy rains in coming months, the country's weather forecaster said on Tuesday, after confirming that a La Nina weather event is under way for the third year in a row and would likely last into next year. (Reuters)

The weather phenomenon was among factors that would "push Australia's climate towards a wetter phase and ... have shaped our outlook for the coming months that shows more than 80% chance of above average rainfall for many parts of the eastern half of Australia", the bureau said in a statement.

2. Pilbara Minerals hits record high amid lithium rally
Shares in Pilbara Minerals hit a record high of $4.79 on Tuesday, prompting a broad rally among lithium stocks following broker upgrades and surging demand for the battery material.

Pilbara Minerals was up 3.5% at $4.73, Core Lithium 4.4% at $1.66, Allkem 2.8% at $15.97 and Mineral Resources 1.3% at $74. (AFR)

3. Ramsay shares crash 13% as KKR vetoes cash bid increase
Ramsay Health Care’s (RHC) shares tanked more than 13% on Tuesday morning after suitor KKR & Co vetoed a cash increase in its takeover bid, leaving Ramsay no choice but to walk away from the deal

“Ramsay’s shares were halted on Tuesday morning after Street Talk reported the talks had collapsed. The proposed deal would have valued the nation’s largest private hospitals operator at nearly $30 billion,” the AFR reports.

“Ramsay’s shares tumbled after trading was resumed and to be 13.45 per cent lower at $60.77 by about 11am - similar to the level they traded at in mid-March before the news emerged that it was the target of the global PE firm. The shares had last traded at $70.21, well below the first cash offer and the revised cash/scrip offer of $84.93 a share.”

4. Broker rating changes
Notable broker re-ratings reported by Bloomberg:

Rural Funds raised to Overweight at Wilsons; PT A$2.73

Mader Group rated new Hold at Barclay Pearce Capital; PT A$2.95

GDI AU rated new Buy at Barclay Pearce Capital; PT A$1.21

Endeavour Group rated new Underperform at Barclay Pearce Capital

Event Hospitality rated new Hold at Barclay Pearce Capital

AUB Group rated new Buy at Barclay Pearce Capital; PT A$29.85

5. ASX to plunge following Wall St rout
ASX futures were down 166 points or 2.37% to 6843 near 6.30am AEST, with the AUD -2.3% to 67.31 US cents.

On Wall St: Dow -3.9% S&P 500 -4.3% Nasdaq -5.2%.

Tesla -4% Apple -5.9% Amazon -7.1% Alphabet -5.9%.

10-year yield: US 3.42% Australia 3.57%.