ASX falls as midterm results unsettle AI outlook
The benchmark S&P/ASX 200 Index ended lower after US midterm results unsettled investors over the outlook for AI investment. Block rose after beating quarterly profit expectations, while City Chic advanced on its trading update.
Updated
What’s new: The latest reporting puts the S&P/ASX 200 Index’s fall at 0.6 per cent and links mining losses to copper weakness and a changing AI outlook after US midterm results.
The S&P/ASX 200 Index fell 0.6 per cent to 8834.5 on Wednesday, with the Australian market tracking weaker US futures after Democrats made strong gains in the US midterm elections. The Australian Financial ReviewBusiness News
Block rose 6.1 per cent after beating quarterly profit expectations. City Chic gained 13.9 per cent after saying it expected positive earnings in the first half following a move away from discounting. The Australian Financial Review
Mining shares were the weakest sector as copper prices fell. Oil shares gained, the Sydney Morning Herald reported. The Australian Financial ReviewThe Sydney Morning HeraldThe West Australian