Local market fell from the start after weak ANZ market update before making a recovery in the back end of the trading day to close flat. Property, Energy and Staples were the outperformers while Gold, Banks and IT were the underperformers. RBA meeting showed inflation back into band….rising food prices on Queensland storm and rising energy prices will put pressure…RBA is stuck between improving inflation and asset bubbles after wasting rate cuts in 2016 on a global deflation worry that was out of their control. ANZ update was an average result where margin pressure were covered by one-off items…more argument for rates going higher into the future for borrowers. WOW delivered solid sales as expected…but expected more price wars and more competition…margins should be under threat and competition will only increase as Amazon et al enter the game.


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