00:00Well, the headline inflation rate of 3.2% for the year to September, and a core inflation
00:06rate, the one the Reserve Bank watches, of 3%, is bad enough.
00:11But the annual rate for the last six months was 4.2%, and it was generally seen as a very
00:16ugly report.
00:18Within a few minutes of those numbers hitting the traders' screens, the odds of a rate
00:21cut on Melbourne Cup Day next week went from 41% to zero.
00:27So that's now ruled out.
00:29The odds of a cut in December went from 67% to 26%, and for February, from a certainty
00:35to 60%.
00:36So unless the data improve, that could be it for rate cuts.
00:41The Australian dollar popped up when the data came out, although it had already been increasing
00:44a fair bit after midnight because of a fall in the US dollar.
00:49And the All Ordinaries fell at the same time because companies tend to make more money
00:52when interest rates are cut, especially banks and property companies that borrow a lot.
00:57The Aussie dollar is now trading at a three-week high of 66 US cents.
01:02And the All Ordinaries Index is at a two-week low, with most of the banks and property stocks
01:07down around 2% or 3% today, and CSL off another 3.9%.
01:11The American and Japanese markets went up, both to record highs as the leaders of the two
01:17countries met.
01:19Microsoft went up after it took a 27% stake in OpenAI, the company that owns ChatGPT.
01:26And Microsoft's market value is now above AUD 6 trillion, which is about twice the value
01:31of all the assets owned by all Australian governments, federal and state.
01:37Finally, on commodity markets, the oil price fell 2% as the volume of oil in tankers on the
01:42ocean hit a new record high.
01:44Napoleon.
01:45And that's finance.
01:46And that's finance.
01:46Thanks for listening.
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