ASX edges lower ahead of inflation data
The Australian share market is having a third quiet morning in a row, with gains for the mining sector and almost everywhere else ahead of two big midweek risk events.
The benchmark S&P/ASX200 index was down 10.3 points, or 0.15 per cent, at noon on Monday while the broader All Ordinaries had fallen 13.6 points, or 0.19 per cent, to 6998.3.
Consumer price data the Australian Bureau of Statistics will release on Wednesday morning is expected to dominate the week's domestic news.
Consensus estimates are pegging second-quarter inflation to come in at 6.3 per cent, up from 5.1 per cent in the first quarter.
A higher number would increase pressure on the Reserve Bank to raise rates more aggressively at its next board meeting on August 2, when most are currently expecting a rate hike of 50 basis points (0.5 per cent).
Very early on Thursday, Australia time, the US Federal Reserve will announce its own decision on rate hikes, with most predicting a 75 basis point hike.
The mining sector was up 0.9 per cent at midday on the back of higher iron ore prices, with BHP rising 1.3 per cent to $37.22 and Fortescue Metals adding 1.9 per cent to $18.18.
Oz Minerals was down 3.1 per cent to $17.12 after the copper and gold miner trimmed its guidance, reflecting a softer start to the year due to weather and COVID-related absenteeism.
All the big banks were lower, with CBA and Westpac down the most, 0.8 per cent.
The tech sector was the worst-performing, down 1.6 per cent after Snapchat owner Snap Inc on Friday released disappointing second-quarter earnings, sending its New York Stock Exchange-listed shares plunging 39 per cent.
Computershare was down 1.8 per cent, Xero dropped 1.5 per cent and Wisetech Global had fallen 1.2 per cent.
Flight Centre Travel Group was up 5.3 per cent to $18.01 after the global travel company said it had returned to profitability sooner than expected and made a "healthy" fourth-quarter profit.
Nanosonics was down 8.4 per cent to $4.23 after the ultrasound probe disinfection company announced it expects to report full-year revenue had risen 17 per cent to $120.3 million as it transitions to a new North American sales model.
The Australian dollar was buying 69.13 US cents, from 69.22 US cents at Friday's close.
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