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Australian shares edge lower, key inflation data on tap

EditorOliver Gray
Published 27/09/2023, 11:08 am
© Reuters
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Investing.com - The ASX 200 was 0.4% lower after the first hour of Wednesday's trade, following a significant sell-off on Wall Street as investors eagerly await the release of crucial local inflation data.

The S&P/ASX 200 index dropped by 30.9 points, reaching 7007.3 ahead of the August CPI data release scheduled for 11:30am AEST.

Rate sensitive sectors such as tech led declines, with Life360 Inc (ASX:360) saw a 2.6% decrease, Wisetech Global Ltd (ASX:WTC) fell by 1%, and Technology One Ltd (ASX:TNE) registered a 0.8% loss.

In the United States, both the S&P 500 and the tech-focused Nasdaq experienced losses of more than 1%. This downturn followed disappointing consumer confidence data and the continuation of the US 10-year bond yields at their highest level since 2007.

 

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