S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) has closed today just above its low for the day of 6,012.6 ending the index's winning streak.
4.10pm: ASX 200 down 0.7%
The ASX 200 closed down 0.7% or 40.9 lower at 6,016.0.
The Utilities sector proved to be the most resilient part of the market, finishing up 1.12% for the day.
Conversely, Telcos were the worst performing sector, down 2.60% on the day.
[VIDEO] Market Close 28 Feb 18: The Australian sharemarket fell by 0.7% on Wednesday partly due to worries US interest rates might lift faster than expected this year and some disappointing economic news in China https://t.co/0jZmvDEF57 #ausbiz— CommSec (@CommSec) February 28, 2018
12.38pm: ASX 200 down 0.4%
The ASX 200 is down 0.4% or 26.1 points to 6,030.8.
China's scheduled manufacturing PMI data came in weaker than expected at 50.3 (consensus forecast: 51.2).
Many of today's companies reporting have underwhelmed investors including Adelaide Brighton (-6.2%), Bubs Australia (-3.2%), Ramsay Healthcare (-4.9%), Harvey Norman (-14.9%) and GetSwift (-11.0%).
[VIDEO] Mid-Session 28 Feb 18: The Aussie sharemarket is under pressure following substantial falls for US markets overnight. US shares down 1.2% overnight and long-term interest rates higher. https://t.co/lBRbLQXGvd #ausbiz— CommSec (@CommSec) February 28, 2018
11.49am: ASX 200 down 0.3%
The ASX 200 is down 0.3% or 20.5 points to 6,036.4.
The monthly private sector credit data came in slightly softer than forecast at 0.3% (consensus forecast: 0.4%).
10.23am: ASX 200 down 0.3%
The ASX 200 is down 0.3% or 17.1 points to 6,039.8.
Pre-market wrap: S&P/ASX 200 set to break its winning streak as US rate hike concerns rise
The ASX 200 is unlikely to have a sixth consecutive day in the black with futures pointing to a lower start.
The Dow Jones (INDEXDJX:DJI) gave back some of its recent gains last night, down 300 points or 1.17% to 25,409.
US markets were pushed lower after Federal Reserve Chairman Jerome Powell highlighted the strengthening economy during his testimony in front of lawmakers.
Powell’s comments appeared to turn investors cautious as they considered the possibility of faster pace of rate increases.
The AUDUSD is lower by 0.9% over the past 24 hours to 0.7783.
Gold was down over 1% or US$13.70 to US$1,319 while WTI Crude Oil gave up some of its recent gains, down 1.60%, to US$62.89 per barrel.
Last day of reporting season: ABC, BUB, AC8, RHC, MQA, HVN and GSW
Companies of note reporting results today include:
• Adelaide Brighton Ltd. (ASX:ABC);
• Bubs Australia Limited (ASX:BUB);
• Auscann Group Holdings Limited (ASX:AC8)
• Ramsay Health Care Limited (ASX:RHC)
• Macquarie Atlas Roads (ASX:MQA);
• Harvey Norman Holdings Limited (ASX:HVN); and
• GetSwift Ltd (ASX:GSW).
Upcoming economic data: monthly private sector credit, US GDP tonight
At 11.30am AEST the Reserve Bank of Australia (RBA) will release the monthly data for private sector credit.
It measures the change in the total value of new credit issued to consumers and businesses.
Borrowing and spending are positively correlated, consumers and businesses tend to seek credit when they are confident in their future financial position and feel comfortable spending money.
This will be followed at midday by the Chinese manufacturing and non-manufacturing PMI data.
Important data points being released in the US tonight include preliminary quarterly GDP and crude oil inventories.