The sharemarket fell for a third day on Wednesday, led by a sell-off in materials and energy stocks, ahead of a key 36 hours for global markets that will be kicked off by the US Federal Reserve’s rate decision.P/ASX 200 Index dropped 44.2 points at the close, or 0.6 per cent, to7165.5. The All Ordinaries fell by a similar margin.Minutes after the markets closed in Australia, headline UK inflation figures unexpectedly fell to their lowest levels in 18 months.
“We’d already been flagging the risk that the bank could opt to pause this week while still keeping the door open to another hike in November, and that scenario has now become more realistic,” he said.The BoE decision will follow the US Fed’s own policy announcement which is widely expected to keep rates on hold late Wednesday . The Bank of Japan will round out this week’s rate decisions from major central banks on Friday.
Material stocks dropped 1.1 per cent on the ASX 200, led by iron ore miners. BHP dropped 1 per cent to $44.64, Rio Tinto fell 1.3 per cent to $117.03 and Fortescue Metals fell 1.7 per cent to $20.61.
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Source: FinancialReview - 🏆 2. / 90 Read more »