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Trees

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17/04/24

17:46

Post #: 73392797
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Originally posted by highlandlad ↑

Thanks afternoon crew.

End-of-day summary:

The share market logged its longest losing run of the year as the odds on a rate cut this year drifted out in line with the deteriorating outlook in the US.

The ASX 200 dropped in the closing auction to a loss of seven points or 0.09%. Today's decline was the index's fifth in a row and extended a run that has knocked more than 240 points off the index in a week.

Utilities, gold miners and small caps advanced. Energy producers, bulk metal miners and healthcare providers continued to lose altitude.

The odds on a rate cut this year dimmed after Federal Reserve Chair Jerome Powell said failure to make progress on inflation meant a delay to interest rate cuts in the US. Movements in Australian interbank cash rate futures since Monday imply the market no longer expects any cuts this year, according to Market Index markets commentator Carl Capolingua. The implied yield curve now implies the first cut may not come until next February.

US stocks finished mixed but broadly lower overnight following Powell's comments. The S&P 500 eased 0.21% as US treasury yields hit five-month highs.

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thanks

For @Endless

Last edited by Trees: 17/04/24
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