AU Evening Wrap: Australia Shares End Flat Amid Interest-Rate Cut Uncertainty

Australia's $S&P/ASX 200 (.XJO.AU)$ ended flat at 7683, as the market digested higher-than-expected inflation figures.

The financial and property trust sectors led gains, both rising 0.4%, but industrials and utilities dragged, with each sector falling 0.6%. Major banks rose between 0.3% and 0.9%, even as inflation data added to uncertainty around the timing of interest-rate cuts. Financial stock $Perpetual Ltd (PPT.AU)$ fell 3.5% after lifting its FY 2024 expense guidance, while also managing outflows. $Cleanaway Waste Management Ltd (CWY.AU)$ was the day's worst performer, losing 10%, after advising it wasn't in takeover talks with $Seven Group Holdings Ltd (SVW.AU)$. $Brambles Ltd (BXB.AU)$ extended Tuesday's losses, falling 1.6%. $Regis Resources Ltd (RRL.AU)$ was the day's standout stock, rising 4.8% as it maintained FY 2024 guidance. The market is closed Thursday for a public holiday.

$Fortescue Ltd (FMG.AU)$ has adjusted its forecast for annual iron-ore shipments to the lower end of its previous guidance range due to an ore car derailment and bad weather that impacted its operations in Q3. The company had forecast total iron-ore shipments of between 192 million metric tons and 197 million tons for the 12 months ending in June, including a 2 million ton contribution from its Iron Bridge project. In its latest quarter, Fortescue shipped 43.3 million tons of iron ore, a 6% YoY decrease, but volumes had recovered towards the end of the period.