ASX falls 1.2%, breaking winning streak
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The news: The Australian sharemarket has ended its eight-session winning streak, the day after reaching record highs. The benchmark ASX 200 slipped 1.20% to 7,588.20, with all 11 sectors finishing in the red.
The numbers: Real estate stocks and financials led the losses, with each sector dropping 1.8%. IT stocks (-1.3%) and industrials (-1.5%) also slumped. The drop in real estate stocks came amid a 0.4% rise in property prices in December, while building approvals sank 9.5% over the month.
The Australian dollar has slumped to its lowest level in a week and is trading at 65.4 US cents, with the greenback nearing a 7-week high after the US Federal Reserve pushed back interest rate cut hopes to May.
Oil prices rebounded overnight after dropping more than 2% since yesterday, after US crude inventories came in higher than expected. Brent crude futures are trading at USD80.78 a barrel while WTI is hovering at USD80.79.
The context: The ABS will release producer price data (PPI) tomorrow at 11:30am AEDT. US unemployment claims data is due overnight, along with manufacturing PMI and price figures. US big tech earnings continue on Friday, with Apple, Amazon and Facebook to post quarterly results.
