ASX loses 0.78%, GDP grows 0.4% for June quarter

The news: Australia's benchmark ASX 200 Index finished Wednesday 0.78% lower at 7,257.10. Australian GDP growth topped some expectations and came in at 0.4%, while per capita figures indicated a per capita recession, losing 0.3% for a second consecutive month. The Aussie dollar enjoyed a small rally in the hours following the GDP data, lifting as much as 0.7% from 10-month lows, before easing to 63.9 US cents, roughly 0.37% stronger than at 10am AEST this morning and flat compared to this time yesterday.

The numbers: A number of sectors finished in the red, including consumer discretionary shares (-1.2%), financials (-1.1%), industrials (-1.3%), real estate (-1.0%), IT stocks (-1.5%), communication services (-1.35%) and utilities (-0.91%). Energy stocks lifted 0.96% following an overnight oil price boost after Saudi Arabia and Russia extended voluntary output cuts to the end of the year.

The context: The ABS will release trade balance data tomorrow at 11:30am AEST. Outgoing governor Philip Lowe will address Sydney's Anika Foundation with a speech titled, "Some Closing Remarks". Overnight, Bank of England Governor Andrew Bailey will testify before UK parliament's Treasury Committee, the Bank of Canada will announce its rates decision and US services PMI data will come out at midnight AEST.