ASX 200 live updates: ASX ends losing streak as CSL leads health care rally

ASX ends three-day losing streak ahead of US inflation numbers. CSL leads health care rally, Link plunges amid takeover jitters, Magellan lifts on CEO and job ads hit fresh high.

Investors are bracing for another volatile day as global equity sentiment wavers on rising costs, geopolitical issues. Picture: Jeremy Piper

Welcome to the Trading Day blog for Wednesday, May 11. The Australian share market breaks a three-day losing streak to closer higher ahead of US inflation numbers to be released overnight.

The benchmark S&P/ASX 200 index finished up by 0.2 per cent to 7064.7.

In the US, the Dow Jones index fell for a fourth straight day, ending 0.3 per cent lower, while the S&P 500 gained 0.3 per cent. The technology-heavy Nasdaq Composite, which soared by 2.8 per cent at one point, closed 1 per cent stronger.

All eyes will focus on the US inflation report due on Wednesday (US time). Consumer prices  jumped 8.5 percent in the 12 months that ended in March, and though economists think it may have peaked, the rate is likely to remain high for months to come.

The yield on the benchmark US 10-year Treasury note edged down to 2.99 per cent, from 3.08 per cent.

It comes after European stock markets rebounded following days of losses on fears over rising US interest rates fuelled by surging inflation and the impact of China’s prolonged Covid lockdowns.

Meanwhile, oil prices also resumed their slide lower on weak China demand with the benchmark US crude contract, WTI, falling under $US100 per barrel to US$99.76. Brent crude also fell 3.2 per cent to $US102.46 per barrel.  

The Aussie dollar was trading flat at US69.40c at the US close.

Iron ore futures price fell 1.3 per cent to US$130.27 a tonne.