ASX set to fall as sinking AI stocks and rising oil prices weigh down Wall Street
The ASX extended its losing streak to seven sessions as inflation rose to a near three-year high, driven by surging petrol prices, despite being slightly below market expectations. The S&P/ASX 200 closed down 0.3%, with rising oil prices and inflation concerns bolstering expectations of further rate hikes by the Reserve Bank. While underlying inflation remained moderate, higher fuel costs and global supply disruptions continue to pressure policymakers.
- ▪Inflation in Australia reached 4.6% in March, up from 3.7% in February, but below the expected 4.8%.
- ▪The S&P/ASX 200 fell 23.7 points, or 0.3%, to close at 8687, marking its seventh consecutive session of losses.
- ▪Petrol prices surged 32.8% in March, the largest monthly increase since the Australian Bureau of Statistics began tracking monthly inflation in 2017.
- ▪Underlying inflation, closely monitored by the RBA, rose moderately by 0.3%, with trimmed mean inflation steady at 3.3%.
- ▪Oil prices remained elevated, with Brent crude near $US111 a barrel, due to ongoing disruptions from Middle East supply issues and the closure of the Strait of Hormuz.
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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Sydney Morning Herald.