Strategists warn the S&P/ASX 200 Index will lag its global rivals as high rates, elevated valuations and property tax changes push capital overseas.

Strategists warn the S&P/ASX 200 Index will lag its global rivals as high rates, elevated valuations and property tax changes push capital overseas.

The Australian sharemarket has advanced at the open while a sell-off in big technology stocks spread from Asia back to the US overnight over worries about potentially higher…