In November, inflation in Australia decreased to 4.3%, which was lower than the expected 4.4%, marking a crucial economic data point that will influence the Reserve Bank's upcoming monetary policy decision in February. Despite some predictions of another rate hike, market expectations in Australia favour a rate cut in August, while globally, traders are increasingly betting on rate cuts due to central banks' efforts to control inflation.
At noon, the S&P/ASX 200 is 0.16 per cent lower at 7,508.50.
The SPI futures are pointing to a fall of 11 points.
Best and worst performers
The best-performing sector is Consumer Discretionary, up 0.83 per cent. The worst-performing sector is Materials, down 1.42 per cent.
The best-performing large cap is Aristocrat Leisure (ASX:ALL), trading 1.92 per cent higher at $40.43. It is followed by shares in Pro Medicus (ASX:PME) and JB Hi-Fi (ASX:JBH).
The worst-performing large cap is Mineral Resources (ASX:MIN), trading 4.47 per cent lower at $64.11. It is followed by shares in IGO (ASX:IGO) and Newmont Corporation (ASX:NEM).
Commodities and the dollar
Gold is trading at US$1782.70 an ounce.
One Australian dollar is buying 66.85 US cents
