Most ASX sectors fell in the red but a small rally in the energy heavyweights Santos and Woodside capped losses. Qantas slipped after a High Court rebuttal.
The sharemarket dropped on Wednesday, led by a sell-off in tech stocks, as investors braced for US inflation figures after a sharp increase in oil prices fuelled worries that the Federal Reserve will need to raise rates further.
The data comes just a week before Fed officials gather to decide on interest rate policy. The central bank is widely expected to keep rates steady at the conclusion of its 19-20 September meeting, but its next move in November is more uncertain.“If inflation takes a step higher this will highlight the challenge faced not only by the Fed but by central banks around the globe – that inflation can rear its ugly head again at inopportune times,” said Mr Waterer.
A small rally in the energy and utilities sectors, however, capped losses on the benchmark as the shares tracked oil prices higher. Shares in drug developer Starpharma flew 23.1 per cent higher to 16¢ after positive interim results for its cancer drug DEP irinotecan.
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