After two days of rallies, local shares closed lower to end the week, down by almost 1%. For the full week, the ASX 200 was down 0.70%.

Local investors are still digesting the potential impact from the US inflation print released overnight, which soared to a 40-year high of 7.9% year on year.

The high CPI is expected to keep the Fed’s plan to hike rates by 25 basis points, slated for next week, well on track.

Australian government bond yields have tracked US yields today, spiking to multi year highs.

The 10 year Aussie yield is trading at 2.42%, the highest since 2018 while 3-year yield is at 1.85%, the highest since 2019.

On the ASX, all 11 sectors were down except for Utilities (up 1%), and Energy and Materials which were both up very slightly.

As the war in Ukraine enters its 15th day, oil prices have become more stable in the last couple of days.

Brent crude is now trading at US$109.30 a barrel after reaching US$140 just a few days ago, while spot gold price is now back below US$2k at US$1,996 an ounce.

Bitcoin meanwhile, is a looking a little shaky and has dropped 3% in the last few hours to trade at US$38,300.

 

BIG CAP WINNERS

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Core Lithium (ASX:CXO) was the best performer today, up 12.5%.

The company released its half year results just before market close yesterday, where it reported a net loss of $3.28m vs a net loss of $915k in the pcp.

CXO has rallied 70% this year, following the company’s deal with Tesla for the supply of 110,000 tonnes of spodumene concentrate over the next four years

Graincorp (ASX:GNC) also gained as wheat prices on the CBOT rose 1.5% overnight to $US10.63 a bushel, a 30% surge in the month.

 

BIG CAP LOSERS

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BNPL stock Zip Co (ASX:Z1P) has lost 7% today after announcing a fully underwritten institutional placement for $148.7m at $1.90 a share.

Zip is also seeking to raise around $50m (before costs) under a share purchase plan for retail investors.