The COB from ausbiz

No sugarcoating today; it was blood in the streets, falling knives hitting the pavement, baby out with the bathwater, choose your poison. The S&P/ASX200 posted its most significant two-day per cent decline since June 2020. Plenty of corporate news dropped early, but even good news was swamped in the negative sentiment. The sell-off gathered momentum after the shock inflation print, with core inflatoin at an eight-year high of 2.7% and rate hikes brought forward by even the dovish of doves. Takeover talk was confirmed by Zip and Sezzle, although only Sezzle closed higher +8%. Codan’s ripped higher +16% after flagging it will post a record first half result. Thinning trade ahead of tomorrow’s holiday likely didn’t help, and more wine is needed for Australia Day, that’s for sure. Let’s end there, the S&P/ASX200 falling to 6961 or -2.5%.

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