ASX trades flat, Aussie falls to 65.7 US cents
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The news: The ASX traded flat on Wednesday, helped by mining and utilities stocks, as IT companies bled lower. The benchmark ASX 200 edged 0.06% higher to 7,519.2 and is 1.7% stronger than a week ago.
The numbers: By sector, materials stocks performed best, gaining 1.3% as multiple iron ore and lithium plays rallied. Utilities stocks rose 0.8%, while IT stocks were 1.4% lower, led by selloffs in Wisetech (-2.2%) and Megaport (-2.7%).
The Aussie dollar is roughly half a percent lower, buying 65.7 US cents. The greenback is hovering near a six-week high against a handful of major currencies as investors temper expectations of timely interest rate cuts.
The stronger US dollar, along with tepid demand expectations, also took a toll on oil prices, with Brent futures slipping 0.1% to $78.98 per barrel while WTI lost 0.2% to trade at USD74.19 a barrel.
The context: Tesla will post quarterly earnings overnight, and many are keen to see some numbers amid waning EV demand that has forced the automaker to cut prices. BM and AT&T will also post results for the quarter. US, German, French and British manufacturing and services purchasing index figures are due overnight, ahead of the Bank of Canada's first rates decision of 2024. Back at home, the Reserve Bank will publish its quarterly bulletin tomorrow at 11:30am AEDT.
