Market Close 28 Jan 26: Market slides on rate hike fears

The Aussie market’s winning streak snapped today as hotter-than-expected inflation data fueled fears of a February rate hike. With core inflation hitting 3.4%, markets are now pricing in a 70% chance of an RBA move next Tuesday, sparking a sell-off in Retail and Tech stocks. Despite the gloom, BHP hit a record all-time high, cementing its position as Australia's most valuable company, while the Aussie dollar cracked 70 US cents for the first time in nearly three years. Energy stocks also sparkled, led by a 3% lift for Woodside following a production beat. Attention now turns to the US Fed decision tonight and a massive slate of tech earnings including Meta and Microsoft. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.See omnystudio.com/listener for privacy information.