The S&P/ASX 200 lost 52 points or 0.7% to close at 7,379 on Wednesday, amid profit-taking after the index hit a fresh top in the prior session. At the same time, traders await the FOMC meeting for clues on the timing of tapering as policymakers face soaring US inflation. Turning to data, the annual inflation rate in Australia jumped to 3.8% in Q2, the highest in over 13 years, from 1.1% in Q1, amid base effects following the introduction of free child care and a record fall in fuel prices in Q2 2020. In the US, durable goods orders rose less than expected by 0.8% mom in June. On the pandemic side, Australia is set to extend a COVID-19 lockdown in Sydney as new cases remain high despite a month under strict stay-home orders, while Victoria and South Australia eased curbs from Wednesday. Nickel Mines Ltd plunged 11%, while Redbubble Ltd sank 6.7%.
Historically, the Australia Stock Market Index (AU200) reached an all time high of 7448.37 in July of 2021. Australia Stock Market Index (AU200) - data, forecasts, historical chart - was last updated on July of 2021.
The Australia Stock Market Index (AU200) is expected to trade at 7223.94 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6741.21 in 12 months time.