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As on : 30-Oct-2024
Market Commentary - Foreign Markets
30-Oct-2024     16:27

Australian markets end lower after inflation data

Australian markets ended lower after inflation rate in the third quarter came in at 2.8 percent, the lowest level in more than three years. Core inflation remained more stubborn, dashing hopes of an early rate cut.

The benchmark S&P/ASX 200 dipped 0.83 percent to 8,180.40 while the broader All Ordinaries index settled 0.78 percent lower at 8,439.50.

Woolworths slumped 6.1 percent after the nation's largest retailer surprised the market with a profit warning. Shares of Coles gave up 2.4 percent.

Consumer prices in Australia were up a seasonally adjusted 0.2 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday.

On an annualized basis, inflation climbed 2.8 percent.

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