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Yesterday, the ASX200 lost 56 points or 0.8% to close at 7,261 points. Aussie investors digested the latest inflation reading, which came in at 5.1%, that’s the highest reading since the introduction of the goods and services tax (GST) in the early 2000s. The jump in consumer prices reflected soaring fuel prices as well as surging building costs. The higher than expected increase has compelled economists to bring forward their expectation for the RBA’s imminent interest rate rise, from June to next Tuesday’s meeting.
Moving to the sector performances, the majority of the market closed in the red, with the tech sector down the most, taking a strong lead from the Nasdaq’s big tech sell off. Looking at the ASX200 leaderboard, Life360 (ASX:360) took a bit of a tumble, falling 29% after the tech platform abandoned its plans to list in the US. Whitehaven Coal (ASX:WHC) was the best performer, benefiting from the rising coal price.
Moving to the US, the three benchmarks struggled to find direction, with the market closing mostly higher. Both the Dow and S&P500 closed about 0.2% higher, while the Nasdaq closed flat at its 2022 low of 12,489 points. In terms of company results, Microsoft and Visa jumped higher after strong earnings reports. While, Alphabet and Boeing posted losses after their results missed consensus estimates.
What to watch today: