Lending Association

ASX down 0.46%: Australia’s Wage Price Index increased by 0.9 percent

In the fourth quarter, Australia’s Wage Price Index increased by 0.9 percent, aligning with analysts’ consensus expectations. This growth, rising from 1.3 percent in the previous quarter, highlights a key factor influencing inflation and monetary policy decisions by the Reserve Bank of Australia, particularly as it forecasts further increases in wage growth.

At 11:30am, the S&P/ASX 200 is 0.46 per cent lower at 7,623.40.

The SPI futures are pointing to a fall of 25 points.

Best and worst performers

The best-performing sector is Information Technology, up 2.88 per cent. The worst-performing sector is Consumer Staples, down 4.29 per cent.

The best-performing large cap is WiseTech Global (ASX:WTC), trading 11.52 per cent higher at $89.05. It is followed by shares in Cochlear (ASX:COH) and The Lottery Corporation (ASX:TLC).

The worst-performing large cap is Woolworths Group (ASX:WOW), trading 7.86 per cent lower at $33.05. It is followed by shares in Viva Energy Group (ASX:VEA) and Fortescue (ASX:FMG).

Commodities and the dollar

Gold is trading at US$2034.40 an ounce.

Iron ore is 5.3 per cent lower at US$121.95 a tonne.

Iron ore futures are pointing to a 3.6 per cent fall.

One Australian dollar is buying 65.53 US cents.