The Australian sharemarket has finished down for the third session in a row, with retailers, tech and property stocks 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 dropped 40.7 points, or 0.5 per cent, to 8885.50 on Thursday, extending the week’s losses after the local bourse fell 1 per cent in the previous session. Seven of the market’s 11 industry sectors declined, with energy and healthcare stocks notable exceptions. The Australian dollar rose 0.3 per cent to US65.92¢ at 4.55pm AEDT.

The 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 entire e

See Full Page