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ASX down on historic inflation drop

Anastasia Santoreneos
·1-min read
Here's the latest market news. Source: Getty
Here's the latest market news. Source: Getty

The benchmark S&P/ASX200 (^AXJO) has closed down 0.23 per cent to 6,006.40 points, after new ABS data revealed inflation has suffered its biggest quarterly fall in history.

The broader All Ordinaries index (^AORD) also finished in the red, down 0.31 per cent to 6,128 points.

What happened this morning?

The benchmark S&P/ASX200 (^AXJO) has opened 0.19 per cent higher to 6,032 points at 10:30am AEST, despite a negative lead from Wall Street overnight.

The broader All Ordinaries index (^AORD) also opened 0.15 per cent higher to 6,156 points.

Inflation data for the june quarter will be released later today, with economists predicting the consumer price index to drop around 2 per cent on the back of lower fuel prices and free childcare amid the pandemic.

That would be the biggest quarterly fall in history, and would take the annual rate negative for the first time since 1997.

One Australia dollar was buying 71.71 US cents at 10:33am AEST, up from 71.32 US cents at Tuesday’s close.

What happened overnight?

Wall Street closed lower on weakening consumer confidence data and disappointing financial results.

The Dow Jones Industrial Average fell 205.49 points, or 0.77 per cent, to 26,379.28, the S&P 500 lost 20.97 points, or 0.65 per cent, to 3,218.44 and the Nasdaq Composite dropped 134.18 points, or 1.27 per cent, to 10,402.09.

With AAP.

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