Live: Wall Street retreats as hot inflation shortens odds of a rate hike, ASX set to slide
Wall Street hit the brakes as higher-than-expected inflation looks to have cemented a December rate hike, while the ASX is priced to slide as well. Follow the day's events and insights from our business reporters on the ABC News live markets blog.
The stock market experienced a retreat overnight due to inflation figures that exceeded expectations, making it highly probable that the Federal Reserve would raise interest rates again in the upcoming month. Similarly, the Australian Securities Exchange (ASX) is anticipated to lose a significant portion of its gains from the previous day.
Futures trading indicates a potential 0.5% decrease at the opening bell, which is scheduled for 7:00am AEDT. The market action is set to commence, and our team of business reporters will provide comprehensive coverage of the day's financial developments through our live blog. Please note that this blog is intended solely for informational purposes and should not be taken as financial advice.
Written by urgent.news from ABC News AU's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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