Market Close 16 Nov 21: ASX falls, ignoring interest assurances from RBA

The Australian sharemarket has finished in the red, snapping a two day winning streak. The local bourse opened weaker following a lacklustre lead from Wall Street, and the selling continued in afternoon trade. The ASX 200 (XJO) ended the session down 49 points or 0.7% to 7,420. Losses were widespread, with only the IT sector finishing firmer by 0.2%. RBA Governor Philip Lowe delivered a speech today titled Recent Trends in Inflation, during which he again disagreed with financial market pricing on the likelihood of rate hike in 2022. “The economy and inflation would have to turn out very differently from our central scenario for the Board to consider an increase in interest rates next year,” he said.

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