Australian shares extend losing streak as inflation concerns persist

Australia?s S&P/ASX 200 slipped 0.3% on Wednesday to close at 8,687, marking its seventh straight decline and the lowest level in three weeks. Investor sentiment remained weak after fresh data showed inflation rising to 4.6% in March from 3.7%, staying well above the Reserve Bank of Australia?s 2?3% target, though slightly below expectations.

The data highlighted ongoing cost pressures in the economy, keeping markets cautious ahead of the central bank?s policy meeting next week, following recent rate hikes in February and March.

Losses were led by sectors such as mining (excluding energy), consumer goods, healthcare, and logistics. Stocks like Westgold Resources and CSL Ltd. declined notably, while most major banks also ended lower.

However, the downside was limited by gains in energy and consumer durable stocks, along with some support from stronger US stock futures ahead of the Federal Reserve policy decision, with leadership set to transition from Jerome Powell to Kevin Warsh in May.

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