Australian stocks fall slightly

by Admin
August 8, 2024

Last Updated : Aug 08 2024 | 5:04 PM IST

Asian stocks ended mostly lower on Thursday after another tumble on Wall Street overnight.

The yen recovered losses against the dollar and gold climbed toward $2,400 per ounce, while oil prices slipped after rising more than 2 percent in the overnight U.S. trading session on data showing a bigger-than-expected draw in U.S. crude stockpiles.

Australian stocks fell slightly as iron ore prices dipped and the Reserve Bank of Australia warned it will not hesitate to raise interest rates again to combat inflation.

The benchmark S&P/ASX 200 slid 0.23 percent to 7,682, snapping a two-day winning streak. The broader All Ordinaries index ended 0.34 percent lower at 7,886.50.

Reserve Bank of Australia Governor Michele Bullock said the policy board will not hesitate to lift interest rates if needed to contain persistently high inflation. The board is vigilant on upside risks on inflation, the hawkish governor said in a speech on Thursday.

She noted that the gap between aggregate demand and aggregate supply in the economy is larger than previously thought and this is resulting in persistent inflation. Inflation is not expected to be in the 2-3 percent target range until the end of 2025, she observed.

Powered by Capital Market – Live News

Disclaimer: No Business Standard Journalist was involved in creation of this content

First Published: Aug 08 2024 | 4:54 PM IST