ASX ends down 0.8pc as inflation data dashes hopes of early rate cut; Woolworths drops after profit warning
The S&P/ASX 200 index closed down 0.8 per cent at 8180.4 points after hitting a three-week low after disappointing inflation figures and a profit warning from Woolworths. Annual headline inflation drops to 2.8 per cent. Trimmed mean CPI of 3.5 per cent meets estimates. CBA scraps call for RBA rate cut in December.
The sharemarket is deep in the red, hurt by falls in Woolworths and Coles. Wall Street closed mixed as Nasdaq ended on a new high. Google parent Alphabet rises after earnings. Gold hits a record high of $US2782.15 per ounce. Bitcoin soars toward record high before US election.
The ASX 200 ends down 0.8 per cent at 8180.4 after hitting a three-week low of 8167.3 as a profit warning from Woolworths hit consumer-exposed stocks.
Financial and health care stocks are also under pressure.
The selloff continued after CPI didn't give a downward surprise that many were looking for.
In the US, the Dow Jones Industrial Average fell 0.4 per cent to 42,233.05 points, but the S&P 500 rose 0.2 per cent to 5,832.92. Technology-heavy Nasdaq jumped 0.8 per cent to 18,712.75.
Also, coming up this week is US GDP, PCE inflation and non-farm payrolls. Plus, ISM Manufacturing data.
The Australian dollar was trading around US65.40c.
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Originally published as ASX ends down 0.8pc as inflation data dashes hopes of early rate cut; Woolworths drops after profit warning