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ASX down 0.27% near noon: US Fed Reserve officials suggest patience in fight against inflation

PUBLISHED

2024-04-12

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Australian shares slipped in the final session of the week as US Federal Reserve officials emphasised the need for patience in addressing global inflation concerns. At 11:30am, the S&P/ASX 200 is 0.27 per cent lower at 7,792.50, with most sectors trending downwards, particularly Energy. However, tech stocks saw a modest increase of 0.4% following overnight strength in US tech stocks, amidst remarks from Federal Reserve officials suggesting a cautious approach to policy adjustments.

The SPI futures are pointing to a fall of 28 points.

Best and worst performers

The best-performing sector is Information Technology, up 0.43 per cent. The worst-performing sector is Energy, down 0.98 per cent.

The best-performing large cap is Incitec Pivot (ASX:IPL), trading 2.53 per cent higher at $2.84. It is followed by shares in Boral (ASX:BLD) and GQG Partners (ASX:GQG).

The worst-performing large cap is Infratil (ASX:IFT), trading 2.16 per cent lower at $9.98. It is followed by shares in Cleanaway Waste Management (ASX:CWY) and Woodside Energy Group (ASX:WDS).

Commodities and the dollar

Gold is trading at US$2402.00 an ounce.

Iron ore is 1.0 per cent higher at US$108.65 a tonne.

Iron ore futures are pointing to a 0.55 per cent rise.

One Australian dollar is buying 65.41 US cents.

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