PEAK ASSET: ARVO WRAP 17 JANUARY: ASX falls on pared US rate cut bets and disappointing China data | Energy stocks track lower crude oil price | Basin Energy launches exploration campaign at Athabasca uranium projects |

It’s been a wash out afternoon session for tennis fans here in Melb with grey skies and rain.

Looks like clouds have cleared up for the evening session though.

Did you know that there have already been over 20 five-set games in the AO.

And it’s only round two…

Now that’s entertainment!

Across Markets…

Disappointing economic data from China and revised US interest rate bets dragged the Australian sharemarket lower on Wednesday.

The benchmark S&P/ASX 200 index fell 0.3 per cent, or 21.7 points, to 7393.1 at the closing bell, weighed down by five out of the 11 industry sectors. The losses tracked Wall Street’s overnight sell-off after US Federal Reserve policymaker Christopher Waller pushed back on near-term rate cut bets.

The All Ordinaries slid 0.3 per cent. The S&P 500 declined 0.4 per cent at the end of the session and the Dow Jones declined 0.6 per cent.

Perpetual’s head of investment strategy Matt Sherwood cited the market trying to recalibrate expectations for early interest rate cuts and also concerns about the

Chinese economy as part of the reason for local shares falling in the red. 

It comes as China’s economy grew 5.2 per cent in the fourth quarter from a year earlier, official data showed, missing analysts’ expectations. 

The interest rate sensitive real estate stocks were among the worst performers on the ASX 200, declining 0.8 per cent. Scentre Group dropped 1 per cent to $2.92, Charter Hall lost 2.8 per cent to Price$11.52 and GPT slid 2.2 per cent to $4.44. 

In commodities, oil declined as the drag from a stronger US dollar offset concerns over escalating Middle East tensions, including continued attacks on ships in the Red Sea by Iran-backed Houthi rebels. Global benchmark Brent traded a little above $US78.

Energy stocks tracked the lower crude oil price and was the worst performing sector, down 1.2 per cent. Woodside Energy dropped 1.4 per cent to $30.71, Santos declined 0.8 per cent to $7.63 and Karoon fell 2.1 per cent to $1.825.

Source: AFR