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Highlights
Australian shares finish the session in the red led by technology and real estate sectors
Westpac moves rate cut expectations forward after inflation data release
ACCC takes legal action against Australian Gas Networks over environmental claims
The ASX 200 finished lower as weakness in technology and real estate stocks overshadowed strength in energy-related segments. Trading sentiment was impacted by movements across global markets and fresh macroeconomic data.
While oil prices staged a rebound after consecutive sessions of decline, and gold remained firm amid global tensions, domestic equities closed the session with broad-based pressure across multiple sectors.
Interest Rate Expectations Shift Following Inflation Update
Westpac joined other major financial institutions in revising its interest rate expectations. The bank brought forward its rate cut forecast to July following the latest inflation figures, marking a significant shift in outlook. The update came after renewed focus on cost-of-living pressures and broader monetary policy implications.
This development also followed ongoing reassessments of inflation pathways and economic momentum, both of which remain central to Reserve Bank policy deliberations.
Legal Proceedings Begin Over Environmental Claims
The Australian Competition and Consumer Commission (ACCC) launched legal proceedings against Australian Gas Networks, one of the country’s largest gas distributors. The case pertains to claims made in national television advertising campaigns, with the ACCC alleging misleading conduct through "greenwashing."
The matter has gained attention as it aligns with ongoing regulatory focus on environmental representations made by corporates, particularly in relation to emissions and sustainability commitments.
Global Tech Stock Highlights Influence Broader Sentiment
Global sentiment was also shaped by strong movements in international tech names, with US-based chipmaker Nvidia reaching a new record in market value. The development contributed to broader discussions around artificial intelligence and semiconductor sectors, although it had limited direct effect on Australian market momentum during the session.