ASX continues downward trend as investors adjusted interest rate expectations

The Australian sharemarket opened lower on Thursday following the sharpest one-day drop in two months as investors adjusted interest rate expectations from a red-hot quarterly inflation print that ended hopes of another rate cut this year.
It came amid a mixed session on Wall Street as Federal Reserve chairman Jerome Powell refused to shift from his cautious outlook on US interest rates.
The S&P/ASX 200 fell 0.4 per cent, or by 34.30 points, to 8891.90 as of 10.10am AEDT , with eight of the 11 index sectors lower, led by consumer discretionary. Futures had expected precisely a drop of that magnitude at the open.
JB Hi-Fi fell 6.4 per cent as sales in its Australian division matched last year's growth in the September quarter of 6 per cent. In New Zealand, the group saw an uplift of 39.3 per cent.
Coles fell 1.7 per cent as the September quarter update fell slightly short of expectations. The retailer reported a 3.9 per cent rise in group sales for the quarter as supermarket revenue climbed 4.8 per cent to $9.97 billion. The growth was better than the 2.1 per cent revealed on Wednesday by Woolworths, which rose 1.6 per cent on Thursday.
Energy was the top-performing sector. Woodside gained 1.4 per cent as crude oil rose by nearly 1 per cent overnight. Ampol climbed 1.6 per cent after posting a sharp lift in refining margins and stronger earnings in the September quarter. The Lytton refinery margin jumped to $US10.64 a barrel, up from $US1.48 a year earlier.
Mineral Resources rocketed 8.4 per cent on an earnings beat after it posted record iron ore shipments and tightened its balance sheet while maintaining guidance across all divisions.

Sumber : AFR