The Australian Bureau of Statistics reported a 1% rise in the consumer price index for the three months through March, exceeding market expectations of a 0.8% increase, while the annual CPI slowed to 3.6% from 4.1%, both figures stronger than anticipated. This data will be crucial for the Reserve Bank’s decision on monetary policy at its upcoming meeting on May 7, with some economists still predicting a potential cash rate hike to address persistent inflation concerns, though market expectations have shifted towards delaying any easing measures until early 2025 amidst tapering rate cut bets globally.
At 11:40am, the S&P/ASX 200 is 0.08 per cent higher at 7,690.
The SPI futures are pointing to a rise of 46 points.
Best and worst performers
The best-performing sector is Information Technology, up 0.56 per cent. The worst-performing sector is Industrials, down 0.74 per cent.
The best-performing large cap is Pilbara Minerals (ASX:PLS), trading 1.84 per cent higher at $3.88. It is followed by shares in GQG Partners (ASX:GQG) and CAR Group (ASX:CAR).
The worst-performing large cap is Cleanaway Waste Management (ASX:CWY), trading 11.13 per cent lower at $2.675. It is followed by shares in BlueScope Steel (ASX:BSL) and Brambles (ASX:BXB).
Commodities and the dollar
Gold is trading at US$2336.10 an ounce.
Iron ore is 2.7 per cent lower at US$113.65 a tonne.
Iron ore futures are pointing to a 0.52 per cent rise.
One Australian dollar is buying 65.19 US cents.