Weaker mining stocks weighed on the Australian sharemarket during the early trading hours on Wednesday as investors started to price in at least one more interest rate hike in April.
The S&P/ASX 200 dipped by as much as 0.9 per cent throughout the morning, and was trading 0.7 per cent lower at 7,310 just after midday.The mining and energy sector was the biggest decliner, with Woodside shares losing 7.5 per cent to $34.79, while market heavyweight BHP declined by 0.5 per cent to $47.71.
CBA Economics said its base case scenario still sees one more interest rate hike in April, taking the cash rate to 3.85 per cent.Citi analysts are also tipping one further rate hike in April, though analyst Josh Williamson noted there was a possibility of additional increases beyond this. That would be a sharp turnaround after it had just slowed its pace of increases to 0.25 percentage points last month from earlier hikes of 0.50 and 0.75 points.
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