The ASX 200 fell 52.80 points or 0.74% to 7120 in early Asian trade on Tuesday, retracing gains of 1.16% in the previous session which propelled the index to a near record closing high, as investors took cues from a decline in US futures overnight as inflation fears prompted a sell-off in growth-focused tech stocks. Local 10-year bond yields were at monthly 1.671% while US 10-year rates were at 1.599%. In the US, inflation expectations surged to 3.4% in April, the highest in a decade amid an economic reopening from COVID-19-related shutdowns. In local data, the NAB business confidence index rose 9 points from the prior month to a record high of 26 in March, while retail sales rose by 1.3% on-month, amid an improvement in consumer confidence and a reopening of state borders.
Historically, the Australia Stock Market Index (AU200) reached an all time high of 7199.79 in February of 2020. Australia Stock Market Index (AU200) - data, forecasts, historical chart - was last updated on May of 2021.
The Australia Stock Market Index (AU200) is expected to trade at 7043.69 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 6669.99 in 12 months time.