ASX 200 in worst week since September; CBA warns rate cut needed this year
Shares end at a three-week low after RBA's 'hawkish' update. CBA warns rate cut needed in 2023 to avoid recession. Coal miners hammered. Allkem CFO dies of illness.
Welcome to the Trading Day blog for Friday, February 10. The Australian sharemarket fell to a three-week low as a "hawkish" update from the Reserve Bank in which it upgraded its CPI forecast and said more rate hikes were needed sparked concerns among traders.
The S&P/ASX 200 index fell 0.8 per cent to 7433.70. For the week, the index fell 1.7 per cent in the bourse's first loss of 2023 and worst since September.
On Wall Street, the S&P 500 index shed 0.9 per cent, the technology-focused Nasdaq Composite index lost 1 per cent and the Dow Jones Industrial Average closed 0.7 per cent weaker.
The dollar was near US69.25c at the close.
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