Rate hike fears and miners sell-off sends ASX down | The Business | ABC NEWS

By ABC News (Australia)

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The ASX 200 lost 1.6 per cent for the week ending at 9,115. James Gruber, senior market analyst at CommSec, says investors are a little more nervous that interest rates could go up again after this week's hawkish hold decision from the Reserve Bank. Market pricing according to refinitiv data shows a 16 per cent chance of a September rate rise. James Gruber says the RBA governor Michele Bullock wants to signal that the bank is ready to act if it needs to. "She is worried about inflation, even though the economy is slowing. That's the trade off she knows the economy is slowing, the housing market is slowing. But on the other hand inflation remains sticky." He said. There was also a large drag on the main indices from the miners. The materials sector was down 2.5 per cent on Friday. James Gruber pointed to weaker commodity prices. " Oil dropped overnight by two per cent, you had gold down one per cent ... look they're worried a little bit by renewed attacks in Iran ... so you had copper

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