The S&P/ASX 200 fell 8 points or 0.1% to 7,424 in early trade on Wednesday, retreating slightly from a record close in the prior session and tracking the negative cues from Wall Street overnight, as traders were cautious ahead of the Federal Reserve's monetary policy decision later in the day. The sentiment was also rattled by data showing US durable goods orders rose less than expected by 0.8% mom in June, as factories continue to struggle with parts and labor shortages and higher material costs. On the pandemic side, Australia is set to extend a COVID-19 lockdown in Sydney as new cases remain high despite a month under strict stay-home orders, while Victoria and South Australia eased curbs from Wednesday. Traders now look toward the release of Q2 Australia's inflation data later in the day. Nickel Mines Ltd tumbled 6.4%, while Orocobre Ltd shed 3.2%.
Historically, the Australia Stock Market Index (AU200) reached an all time high of 7448.37 in July of 2021. Australia Stock Market Index (AU200) - data, forecasts, historical chart - was last updated on July of 2021.
The Australia Stock Market Index (AU200) is expected to trade at 7223.94 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 6741.21 in 12 months time.