ASX down 0.27% near noon: US Fed Reserve officials suggest patience in fight against inflation

By Peter Milios | More Articles by Peter Milios

Australian shares slipped in the final session of the week as US Federal Reserve officials emphasised the need for patience in addressing global inflation concerns. At 11:30am, the S&P/ASX 200 is 0.27 per cent lower at 7,792.50, with most sectors trending downwards, particularly Energy. However, tech stocks saw a modest increase of 0.4% following overnight strength in US tech stocks, amidst remarks from Federal Reserve officials suggesting a cautious approach to policy adjustments.

The SPI futures are pointing to a fall of 28 points.

Best and worst performers

The best-performing sector is Information Technology, up 0.43 per cent. The worst-performing sector is Energy, down 0.98 per cent.

The best-performing large cap is Incitec Pivot (ASX:IPL), trading 2.53 per cent higher at $2.84. It is followed by shares in Boral (ASX:BLD) and GQG Partners (ASX:GQG).

The worst-performing large cap is Infratil (ASX:IFT), trading 2.16 per cent lower at $9.98. It is followed by shares in Cleanaway Waste Management (ASX:CWY) and Woodside Energy Group (ASX:WDS).

Commodities and the dollar

Gold is trading at US$2402.00 an ounce.

Iron ore is 1.0 per cent higher at US$108.65 a tonne.

Iron ore futures are pointing to a 0.55 per cent rise.

One Australian dollar is buying 65.41 US cents.

About Peter Milios

Peter Milios is a recent graduate from the University of Technology - majoring in Finance and Accounting. Peter is currently working under equity research analyst Di Brookman for Corporate Connect Research.

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