Australia: Shares close lower on May rate cut doubts
[SYDNEY] Australian shares slipped on Wednesday with the financial sector under pressure after inflation data failed to add to the case for an interest rate cut next month.
The S&P/ASX 200 index shed 0.6 per cent, or 34.8 points, to 5,837.5. The big four banks all ended in the red, led by a 1.3 per cent fall in Westpac.
The closely watched report showed consumer prices rose at the slowest pace in almost three years last quarter, as expected. Yet core inflation was a shade above forecasts.
Analysts said the outcome gave the Reserve Bank of Australia room to ease, but did not increase pressure on the central bank to take imminent action.
New Zealand's share market closed at its lowest in nearly two months. The benchmark NZX 50 index slid 0.4 per cent, or 23.9 points, to 5,793.6.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Capital Markets & Currencies
Singapore stocks end lower after US market wobbles ahead of CPI data; STI down 0.2%
LSEG reports in-line first quarter as Microsoft partnership progresses
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
South Korea readies new system to detect illegal short-selling
Asia: Markets mixed as global rally stalls, eyes on yen
Singapore shares retreat at Thursday’s open; STI down 1.1%