The Australian sharemarket fell slightly on the back of a weak Wall Street trading session, as investors braced for the main event for the week, a speech by Federal Reserve Chair Jerome Powell.
The Australian sharemarket’s 10 session winning streak came to a grinding halt on Friday, with the benchmark index ending the trading session slightly lower after taking its lead from a relatively poor session on Wall Street overnight.
Shares in food producer Inghams slumped more than 20 per cent the company warned that its volumes are slowing, while Spark New Zealand , Fletcher Building , Whitehaven Coal and Telix Pharmaceuticals were other significant decliners. One report showed slightly more US workers applied for unemployment benefits last week than expected. The number is still low relative to history, but the uptick could signal a job market that continues to cool.A second report, suggested US business activity remains deeply split. Growth for services businesses is accelerating, according to preliminary data from S&P Global Market Intelligence. But the country’s manufacturing sector appears to be contracting at a more severe rate.
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