Happy inflation day 🎈

Another choppy session for the ASX200, which has managed to hold up despite the deluge of US earnings and macroeconomic event risk. The local bourse closed near the highs of the session at 6823 for a 0.23% gain. The rise was underpinned by a mix of healthcare, industrials and financials. Consumer stocks also bounced back after a small rinsing yesterday. On the flip side, the materials sector was a weight on the market and the biggest laggard for the session. Zip Co shares continued to defy the odds – adding another 20% in what’s looking like a mega short squeeze for the stock. Champion Iron was one laggard, falling 4.5%. Iluka Resources and Bluescope Steel were others, shedding 3.9% and 3.7%. Australian CPI hit a 20 year high in June. Inflation for the year was 6.1% - but was lower than expected. Rates at the short-end dropped as traders lock-in a 50 point move from the RBA next week. It’s another big night ahead now. The FOMC meet and are expected to lift rates by 75 basis points. And on the earnings front - Qualcomm, Boeing, and Meta are amongst the big names handing down quarterly results.


Our top three VODs:

Four deep value 'buys'

Three miners to love

Why it’s right to be bearish on Aussie property


Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.