Breaking News: Local Sharemarket Trades Flat Ahead of US Interest Rate Decision
Overview:
- The local sharemarket traded flat on Wednesday as investors stepped cautiously ahead of Thursday morning’s highly anticipated US interest rate decision and the release of Australian jobs data.
- Benchmark ASX200 dipped 1.2 points, or 0.02 per cent, to close at 8142.1, while the broader All Ordinaries index lost 3.1 points, or 0.04 per cent, to 8364.3.
- Tech stocks dipped 0.2 per cent to 3379.2.
- Five out of 11 industry sectors ended in the red, led by materials with a 0.54 per cent decline.
Market Analysis:
- Big miners slipped as Singapore iron ore futures fell 2.1 per cent to $90.25 a tonne on growth concerns in China.
- BHP retreated 0.91 per cent to $39.19, Rio Tinto fell 0.91 per cent to $109.74, and Fortescue slipped 0.34 per cent to $17.43.
- Energy stocks lifted as crude oil climbed 1.5 per cent overnight to hit $71.19 a barrel.
- Woodside Energy advanced 0.83 per cent to $24.33 and Santos gained 0.43 per cent to $7.05.
Expert Insights:
- Betashares chief economist David Bassanese highlighted the importance of Federal Reserve’s interest rate decision and the language used by Fed chair Jerome Powell.
- Thursday will also deliver August jobs numbers for the Australian economy, providing further guidance on potential interest rate trajectory from the Reserve Bank of Australia.
Corporate News:
- Core Lithium rallied 5.26 per cent after positive drill results at its Shoobridge gold and lithium project.
- BlueScope Steel announced an agreement with Israel-based Helios Project to use Helios Green Iron in its steelmaking operations.
- Top gainer on the ASX200 was EVT Limited, leaping 5 per cent.
- Largest laggard was Telix Pharmaceuticals, which tumbled 3.51 per cent.
Currency Update:
- The Aussie dollar gained 0.13 per cent to buy US67.6c at the closing bell.
As the world’s top investment manager and financial journalist, it is crucial to stay informed about market movements and upcoming events that could impact investment decisions. In this case, the US interest rate decision and Australian jobs data are key factors to watch. Understanding market trends, expert insights, and corporate news can help investors make informed choices to navigate the ever-changing financial landscape. Stay updated, stay informed, and stay ahead in the world of finance.