The Australian sharemarket fell amid a sell-off in energy and healthcare stocks over fears economic figures to be released this week may show an uptick in inflation, and put pressure on the Reserve Bank to lift interest rates.The S&P/ASX 200 slumped 60.7 points, or 0.8 per cent, to 7735.3 at the close.
Pharmaceutical giant Eli Lilly said its weight-loss therapy tirzepatide reduced obstructive sleep apnoea severity in trial patients. The company said a decision by the US Food and Drug Administration on a potential label expansion for tirzepatide against sleep apnoea was expected later this year. “Optimism from earlier in the year that inflation was gradually coming under control has waned and globally, central banks have tempered expectations of multiple rate cuts before year’s end,” Gilbert said.
The Dow Jones Industrial Average edged up less than 0.1 per cent, while the Nasdaq Composite Index dropped 0.2 per cent.Nvidia shares again dragged on the market, falling 3.2 per cent. The company’s stock has soared more than 1000 per cent since October 2022 on frenzied demand for its chips, which are powering much of the world’s move into artificial intelligence technology.
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