A jump in mining stocks clawed back earlier losses on the Australian sharemarket on Wednesday after a hotter-than-expected inflation reading raised the odds of November rate hike which dragged the benchmark lower.
The S & P/ASX200 was flat, falling just 2.6 points to close at 6,854.3 points, while the All Ords 0.6 points to 7,046.2
The benchmark added 0.4 per cent before the release of the data at 11:30am before sinking 0.3 per cent after the fresh inflation print was released.
Money markets are now pricing in 65 per cent odds for a rate hike at the RBA’s Melbourne Cup Day meeting.
Interest rate sensitive real estate and consumer stocks were the worst performers on the benchmark, dropping 2 per cent and 1.4 per cen...
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