Miners drag Australian shares to two — week low; hot US inflation weighs
Oct 15 (Reuters) — Australian shares hit a two-week low on Thursday, led by a sell-off in heavyweight miners, with banks limiting further declines as investors turned cautious after a hot US inflation print stirred bets on another Federal Reserve rate hike. The S&P/ASX 200 index fell 1% to 8,644.20 points by 2340 GMT, on course for its worst day since the start of October, after falling 0.6% on Wednesday. The index also touched its lowest level since October 2. Risk appetite took a hit after US data showed inflation remained stubbornly high, driven by surging energy prices, bolstering bets that the Fed would lean towards another rate hike later this month. Earlier this week, the Reserve Bank of Australia said it still sees a risk that inflation could prove more stubborn than expected, leaving the door open to a fifth rate hike this year if needed. Markets are pricing in a 65.9% chance the central bank will hold rates at its next meeting, against a 34.1% chance of a hike. 0#AUDIRPR On the bourse, miners fell over 3%, set for their lowest level since July 21, dragged down by weak copper prices. MET/L Top miners BHP Group and Rio Tinto fell over 4% each, while newly ASX-listed shares
Oct 15 (Reuters) — Australian shares hit a two-week low on Thursday, led by a sell-off in heavyweight miners, with banks limiting further declines as investors turned cautious after a hot US inflation print stirred bets on another Federal Reserve rate hike. 6% on Wednesday. The index also touched its lowest level since October 2. Risk appetite took a hit after US data showed inflation remained stubbornly high, driven by surging energy prices, bolstering bets that the Fed would lean towards another rate hike later this month.
Earlier this week, the Reserve Bank of Australia said it still sees a risk that inflation could prove more stubborn than expected, leaving the door open to a fifth rate hike this year if needed. 1% chance of a hike. 0#AUDIRPR On the bourse, miners fell over 3%, set for their lowest level since July 21, dragged down by weak copper prices. MET/L Top miners BHP Group and Rio Tinto fell over 4% each, while newly ASX-listed shares of Glencore shed nearly 2%.
Gold miners declined 2%, hurt by a slump in bullion prices. GOL/ Evolution Mining and Northern Star Resources fell around 1% each. N The sub-index touched its lowest level since April 14. Shares of WiseTech Global surged 6% earlier in the session, after the logistics software firm said the country's corporate regulator would take no action against founder Richard White and two employees after a probe into alleged trading.
5%, with all the "Big Four" banks trading in the green. 24 points. S. N/O Global Economy Week Ahead DATA/................................................................
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