Investors push back rate cut expectations to November, Wall Street falls. Gold, oil edge higher. $A slumps. NextDC eyes $1.3b capital raising. Avita cuts guidance. Follow here.
The S&P/ASX 200 pared heavy losses early in the session to trade down 0.8 per cent near lunchtime, as investors sold interest rate sensitive property, tech, and banking stocks in response to expectations for US interest rate cuts being pushed back to November. The real estate sector plunged 3.3 per cent as investors worried higher-for-longer rates will hurt commercial property valuations and reduce the attractiveness of yields on investments. Mirvac Group and Dexus both lost around 3.
reduced the implied odds of a June rate cut to less than 20 per cent from around 50 per cent heading into the release,” said National Australia Bank’s economics team. “The modest overshoot in US March CPI inflation was sufficient to force a fragile market to reprice the first full 25bp rate cut from the Fed back to November from July,” said ANZ Bank. The US dollar rose to buy ¥153 fuelling speculation the Bank of Japan may move to defend its currency in Thursday’s trading session.
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