The market opened on the back foot today down ~20pts at the worst before CPI (inflation) data was released at 11.30am, coming in 6.8% versus 7.2% expected and down from 7.4% last month. Clearly, inflation is cooling and while it is still way too high, it’s heading in the right direction, while today’s result should cement the RBA’s decision to pause in April, the market is actually pricing in no more rate hikes from here. The S&P/ASX 200 added +16pts / +0.23% to close at 7050.
Materials (+1.25%) and Energy (+1.24%) battled it out for the top spot on the sectors as resources continued to rally
REITs (-0.77%), Financials (-0.46%) and Healthcare (-0.43%) were the biggest drag.
Paul Bloxham from HSBC on today’s inflation read, “Today’s data also followed further signs that economic activity is slowing. Our central case – held since late January – is that the […]
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