Australian Stocks Trade Lower
Australian shares fell 36 points, or 0.4%, to 8,774 on Tuesday morning, reversing modest gains in the prior two sessions as traders were cautious ahead of September inflation data due Wednesday. In August, CPI eased to 4.0%, below the 4.1% forecast but remaining above the RBA’s 2—3% target. RBA Assistant Gov. Hunter said the central bank had “not quite yet” done enough to bring inflation under control, reaffirming policymakers’ commitment to curbing price pressures after four rate hikes this year. In the U.S., the Fed will begin its two-day meeting later Tuesday, with markets widely expecting rates to remain unchanged while awaiting guidance on the possibility of another move before year-end. Commercial services, consumer non-durables, and healthcare led declines, outweighing gains in logistics, tech, and industrial services. The four major banks fell 0.2%—1.7%. REA Group (-3.9%), Technology One (-3.3%), Pro Medicus (-2.5%), and Wisetech Global (-1.5%) were among the notable laggards.
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Australian shares fell 36 points, or 0.4%, to 8,774 on Tuesday morning, reversing modest gains in the prior two sessions as traders were cautious ahead of September inflation data due Wednesday. In August, CPI eased to 4.0%, below the 4.1% forecast but remaining above the RBA’s 2—3% target. RBA Assistant Gov. Hunter said the central bank had “not quite yet” done enough to bring inflation under control, reaffirming policymakers’ commitment to curbing price pressures after four rate hikes this year.
In the U.S., the Fed will begin its two-day meeting later Tuesday, with markets widely expecting rates to remain unchanged while awaiting guidance on the possibility of another move before year-end. Commercial services, consumer non-durables, and healthcare led declines, outweighing gains in logistics, tech, and industrial services. The four major banks fell 0.2%—1.7%. REA Group (-3.9%), Technology One (-3.3%), Pro Medicus (-2.5%), and Wisetech Global (-1.5%) were among the notable laggards.