The ASX 200 ended the day 0.8% lower with all sectors except utilities finishing in the red.
The benchmark was dragged down by tech stocks as virtual networking tech business Megaport Ltd (ASX:MP1) lost 19%, while Xero Ltd fell 2.5% and WiseTech Global dropped 1.8%.
Pilbara Minerals fell 1.7% after its revenue was came 42% lower than the prior quarter, and Fortescue (ASX:FMG) Metals lost 0.5% after reporting that September quarter iron ore shipments through Port Hedland were down on the prior quarter.
Winners in the large cap space were led by IDP Education, up 4.4%, while Meridian Energy and AGL Energy (ASX:AGL) (ASX:AGK) each gained more than 2%.
RBA governor Bullock’s first Senate estimate
Reserve Bank governor Michele Bullock this morning said that yesterday’s September quarter inflation report showed price pressures were a “little higher” than had been expected, but didn’t come as a surprise.
The ABS reported yesterday that the consumer price index showed that both underlying and headline inflation rose by 1.2% over the quarter, while the annual inflation rate declined from 6% to 5.4%.
Commenting on the CPI figures she said, “It was pretty much where we thought it’d come out, given the information since then, particularly the monthly CPI indicator, so we thought it was going to be about where it came out.”
Adding that there were “no surprises in the sense that some of the things that were important [in the inflation figures] were fuel prices. We all know that fuel prices have been rising. So it wasn’t a surprise.”
“We’ve made that very clear, even though we haven’t raised interest rates since our last interest rate rise in June, we’ve made it very clear that we might need to go again.”
Yet Bullock said the RBA was still assessing the data to determine if the latest information would substantially change its forecasts for the economy, while she left the door open for a further interest rate rise on Melbourne Cup Day.
Currency markets responded to Bullock’s comments, anticipating no rate rise at the next RBA meeting, with the $A dropping to a one-year low of 62.73¢ intraday.
Five at Five
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Future Metals established Panton as highest-grade PGE Project in Australia with MRE update
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Emyria hails strong growth in clinical billings
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