The Australian sharemarket remained slightly in the red at lunchtime, with retailers and tech companies weighing on the bourse as investors gave up hopes of further interest rate cuts this year after Wednesday’s shock inflation data.

The S&P/ASX 200 slipped 9.70 points, or 0.1 per cent, to 8916.50 as of 1.26pm AEDT, extending the week’s losses after the local bourse fell 1 per cent on Wednesday. Six of the market’s 11 industry sectors declined, with gains in banks, energy stocks and the mining heavyweights limiting the market’s decline. The Australian dollar was fetching US65.82¢ at 1.02pm AEDT.

Chances of an interest rate cut by Christmas have all but disappeared after inflation jumped to its highest level in more than a year with signs that price pressures are broadening across the e

See Full Page