• Local shares slumped by more than 1.1pc today
  • All 11 sectors were down, led by BHP and Allkem
  • Phil Lowe made his final speech as RBA governor

 

The ASX slipped further on Thursday, down by -1.2% as the index tracked its worst day in three weeks.

All 11 sectors finished in the red, with Mining down by around 3%.

Traders parsed through RBA boss Phil Lowe’s comments in his final speech as governor, titled ‘Some Closing Remarks’.

Lowe said Australian living standards would stagnate without urgent action by governments. He also took aim at the government over the “the lack of co-ordination with RBA’s efforts”.

“We are likely to get better outcomes if monetary policy and fiscal policy are well aligned,” Lowe says, as he makes way for incoming governor Michelle Bullock on September 18th.

To economics data, Australia’s trade surplus came in at $8 billion in July, down from $11.3 billion in June. This figure is short of expectations, with analysts predicting a surplus of $10 billion. The decline was mainly attributed to a 2% drop in exports, while imports increased by 2.5%.

Elsewhere, PM Albanese is set to make a diplomatic visit to China, becoming the first PM to do so in seven years. Albanese has confirmed today that he will visit Beijing before Christmas.

“I look forward to visiting China later this year to mark the 50th anniversary of Prime Minister Whitlam’s historic visit,” said the PM Office official statement.

 

BIG CAP WINNERS

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Liontown (ASX:LTR), Chalice Mining (ASX:CHN) and Telix Pharmaceuticals (ASX:TLX) were top of the winners’ list.

Bendigo Adelaide Bank (ASX:BEN) says it plans to redeem all of its $275 million subordinated notes maturing in November 2028.

 

BIG CAP LOSERS

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Super Retail Group (ASX:SUL), BHP (ASX:BHP), Allkem (ASX:AKE) led today’s selloff.

Qantas (ASX:QAN) extended its loss by almost 2.5%,  three days after CEO Alan Joyce said he would bring forward his retirement by two months to help the airline “accelerate its renewal”.