Bearish
ASX 200 falls 1.0% to 8,978 amid global market declines and inflation concerns.
The ASX 200 declined by 1.0% to close at 8,978 on Wednesday, marking its third consecutive loss and the lowest finish in four weeks. The downturn was influenced by a global market sell-off, with Wall Street extending its decline for the third session amid renewed Middle East tensions, which led to higher oil prices and heightened inflation fears. Domestically, concerns over supply disruptions and persistent inflation kept investors cautious, with futures markets assigning nearly a 60% probability to an RBA rate increase later this month. Despite these challenges, stronger-than-expected Q2 GDP data, driven by solid private demand and robust mining exports, provided some support.
Key points
- Global market sell-off extends for third session amid Middle East tensions.
- Investors cautious over supply disruptions and inflation, with RBA rate hike expectations.
- Q2 GDP data beats expectations, supported by private demand and mining exports.
Sources
AI-generated from public news sources. Not financial advice.
