The Australian sharemarket has opened lower again, with retailers and tech companies declining as investors gave up hopes of further interest cuts this year after Wednesday’s shock inflation data.

The S&P/ASX 200 dropped 20.9 points, or 0.2 per cent, to 8905.30 as of 11.18am AEDT, extending the week’s losses after the local bourse fell 1 per cent on Wednesday. Eight of the market’s 11 industry sectors were in the red, with banks, energy stocks and the mining heavyweights the notable exceptions. The Australian dollar slid and was fetching US65.71¢ at 10.31am AEDT.

The ASX opened to its third morning of declines. Credit: Louie Douvis

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 p

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