Australian shares extended their losses this week, primarily driven by the indication from the US Federal Reserve that rate cuts might not occur in the near future. This contributed to further declines in the Australian stock market, compounding the losses already experienced earlier in the week.
US Federal Reserve Chairman Jerome Powell confirmed concerns overnight that interest rate cuts in the US would be delayed due to persistently high inflation. This confirmation reinforced fears and contributed to the perception that rate cuts would not happen in the near future, impacting market sentiment.
At 11:45am, the S&P/ASX 200 is 0.15 per cent or 4.8999 points higher at 7,623.60.
The SPI futures are pointing to a rise of 16 points.
Best and worst performers
The best-performing sector is Utilities, up 1.6 per cent. The worst-performing sector is Materials, down 0.29 per cent.
The best-performing large cap is Evolution Mining (ASX:EVN), trading 9.43 per cent higher at $4.235. It is followed by shares in AGL Energy (ASX:AGL) and Lynas Rare Earths (ASX:LYC).
The worst-performing large cap is Mercury NZ (ASX:MCY), trading 6.35 per cent lower at $5.90. It is followed by shares in James Hardie Industries (ASX:JHX) and Meridian Energy (ASX:MEZ).
Commodities and the dollar
Gold is trading at US$1782.70 an ounce.
Iron ore is 2.3 per cent lower at US$110.40 a tonne.
Iron ore futures are pointing to a 0.29 per cent rise.
One Australian dollar is buying 64.18 US cents.
