• The ASX finished Wednesday flat
  • GDP and inflation both missed forecasts
  • House prices nationally declined -0.14% over the month


Aussie shares finished flat on Wednesday despite opening higher this morning. Gains in Energy and Mining stocks were offset by losses in Financials, Real Estate and Utility.

The ASX 200 index started to decline after the ABS released its GDP and inflation reports around midday.

According to the ABS, Australia’s economy expanded 0.5% in the December quarter, falling from 0.7% in the previous quarter.

Economists had earlier forecast growth of 0.8%.

The monthly CPI indicator meanwhile rose 7.4% in the year to January, much lower than the 8.4% reported in December. The figure was also lower than consensus of 8%.

The Aussie dollar immediately dropped to a 2-month low of US67.45 following the reports.

In China meanwhile, manufacturing activity had its best monthly improvement in February in more than 10 years.

China’s services activity index also rose, giving hope that the country might be on its way back to economic recovery.

Swedish BNPL play Klarna posted a US$1bn loss in FY22, pushing 5% stakeholder CBA (ASX:CBA) down 1.5% today.

Infrastructure services company Downer EDI (ASX:DOW), which reported a 20% decline in profits on Monday, rose almost 1% today after its CEO resigned.

Another high profile departure announcement today came from Tyro Payments (ASX:TYR), which reported the resignation of chairman David Thodey.

Overnight, CoreLogic said that Australian house prices declined -0.14% over the month, the smallest monthly fall since May 2022 (-0.13%), when rate hikes commenced.

A 0.3% rise in Sydney dwelling values was the most significant driver of the national deceleration.

CoreLogic’s research director, Tim Lawless, said the stabilisation in housing values over the month coincides with consistently low advertised supply levels and a rise in auction clearance rates.



Swipe or scroll to reveal the full table. Click headings to sort.

WordPress Tables Plugin

Arafura Rare Earths (ASX:ARU) rose 8% on no specific news.

Weebit Nano (ASX:WBT) also rose 6.5% also on no specific news.



Swipe or scroll to reveal the full table. Click headings to sort.

WordPress Tables Plugin