|
Australian stocks edged lower on Thursday, with the S&P/ASX 200 slipping 0.2% to close at 8,666, marking its eighth straight day of losses and a three-week low. Investors remained cautious ahead of a possible interest rate hike by the Reserve Bank of Australia next week, as inflation continues to stay above the central bank's target. Price pressures remain strong, with inflation rising to 4.6% in March, increasing expectations that rates could climb further in the coming months. In the US, the Federal Reserve kept rates unchanged, but uncertainty remains due to internal disagreements and upcoming leadership changes. Among stocks, Woolworths dropped sharply after warning that future earnings could be weaker due to higher fuel costs, dragging down consumer staples. Mining stocks also declined as metal prices softened, with major players like BHP, Rio Tinto, and Fortescue posting losses. Despite the recent slide, the market still managed to gain 2.2% for April, recovering from a steep fall in March as investors stepped in to buy undervalued stocks. Powered by Capital Market - Live News
|