Thanks @shovel40, @Fiji1 and morning crew.
Half-time wrap:
Aussie stocks leaped to a five-month high after evidence that inflation is cooling faster than expected slashed the risk of another rate hike next week.
The ASX 200 traded above 7400 for the first time since mid-February. At the halfway mark, the Australian benchmark was ahead 74 points or 1% at 7414.
Mining stocks led for a second day, with solid support from tech, consumer and bank stocks. Defensive sectors, including healthcare and utilities, lagged.
The session caught light following the 11.30 am AEST release of inflation data showing consumer prices grew less than expected last quarter. The Consumer Price Index increased by 0.8% for the quarter and 6% for the year. Economists had predicted stronger price growth of 1% for the quarter and 6.2% for the year.
“June quarter’s annual increase of 6.0 per cent is lower than the 7.0 per cent annual rise in the March 2023 quarter. This marks the second consecutive quarter of lower annual inflation, also known as ‘disinflation’, from the peak of 7.8 per cent in the December 2022 quarter,” Michelle Marquardt, ABS head of prices statistics, said.
Core inflation was also weaker than expected. The trimmed mean, which strips out volatile food and energy prices, eased to an annual rate of 5.9%, down from 6.6% the previous quarter and lower than an expected 6%.
The odds on another rate hike next week halved to 27% from 54% before the data dropped, according to the Australian Financial Review.Personal trading: MSB gave a lovely swing trade entry. If all stocks respected the technicals that well, we'd all be posting from yachts. Also took DDR at the bottom of the down-channel. Got another couple of tiddlers on the go.
