The Match Out: Market takes a backwards step after a strong week, Tech and uranium stocks cop the brunt of selling

A steady flow of corporate news across the ticker today to keep things interesting while the RBA minutes released at 11.30 am prompted a sharp sell-off before a grinding recovery ensued – the index closing only marginally lower. The ASX 200 finished down -14pts/ -0.20% at 7283

The Healthcare sector was best on ground (+0.93%) while Financials (+0.83%) & Utilities (+0.36%) were also strong.

Real-Estate (-1.60%) and Communications (-1.26%) the weakest links.

The Reserve Bank’s minutes showed they still expect to increase interest rates this year if inflation is not brought under control – not new news given their data-dependent stance. Goldmans have re-cut their expectations around the probability of a US recession down to 20% from 25% after the lower-than-expected inflation report last week. It seems there is growing optimism that a soft landing could actually be achieved! I was listening to a […]

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