ASX Dips 0.6% at Finish
The ASX 200 lost 56 points, or 0.6%, to close at 8,728 on Wednesday, reversing recent gains as financials, consumer durables, and transport weighed. Traders turned cautious ahead of the upcoming labor data, after August unemployment hit 4.6%, the highest since late 2021. Meanwhile, Australia’s leading index slipped 0.1% in September, its first decline since May, due to higher fuel costs and rising borrowing rates. Still, losses were partly offset by firmer U.S.stock futures ahead of a key inflation report later today, with sentiment clouded by elevated oil prices. In top trading partner China, September CPI was slightly below forecasts, but producer prices surged at the fastest pace in over four years. Meanwhile, exports and imports hit record highs, driving a solid trade surplus. The big four banks fell between 0.9% and 2.3%, while BHP (-0.9%) and Rio Tinto (-0.3%) also lagged. Other laggards included Genesis Minerals (-3.9%), Evolution Mining (-2.9%), and Qantas Airways (-2.2%).
6%, to close at 8,728 on Wednesday, reversing recent gains as financials, consumer durables, and transport weighed. 6%, the highest since late 2021. 1% in September, its first decline since May, due to higher fuel costs and rising borrowing rates. stock futures ahead of a key inflation report later today, with sentiment clouded by elevated oil prices.
In top trading partner China, September CPI was slightly below forecasts, but producer prices surged at the fastest pace in over four years. Meanwhile, exports and imports hit record highs, driving a solid trade surplus. 3%) also lagged. 2%).