Australia Stocks end lower after inflation data

Australia stock market gave up initial gains to finish session marginally down on Wednesday, 24 April 2024, snapping two days winning streak, on fears that the Reserve Bank would keep interest rates higher for longer after data showed consumer inflation in the country remained strong in the first quarter.

At closing bell, the benchmark S&P/ASX200 index fell marginal 0.51 point, or 0.01%, to 7,683. The broader All Ordinaries index edged down 0.43 point, or 0.01%, to 7,937.51.

Sectors ended mixed along with the S&P/ASX 200 Index. Total 3 sectors were higher and 8 lower. Financial was the best performing sector, gaining +0.35%, while utilities was the worst performing sector, falling 0.59%.

ECONOMIC NEWS: Australia's Consumer Price Inflation Up 3.6% On Year- Consumer prices in Australia rose by a seasonally adjusted 1% on quarter in the first quarter of 2024, the Australian Bureau of Statistics said on Wednesday. This showed acceleration from 0.6% in the three months prior. On a yearly basis, inflation rose 3.6%, easing from 4.1% in the previous three months.

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