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30 November -0001 12:00 AM
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US sharemarkets fell on Wednesday after US Federal Reserve Chair Jerome Powell dampened future interest rate cut expectations. In his press conference, Chair Powell said that the central bank's rate cut was a "mid-cycle adjustment to policy" rather than "the beginning of a long series of rate cuts." But he added "I didn't say it's just one." Apple reported Tuesday evening earnings per share and revenue for the previous quarter that topped analyst expectations, lifting the stock up by 2.0% on Wednesday. After being down by 478 points, the Dow Jones ended lower by 333 points or 1.2%. The S&P500 was down by 1.1% and the Nasdaq lost 98 points or 1.2%. 

Global oil prices rose on Wednesday as US crude inventories fell. US crude stockpiles declined by 8.5 million barrels last week, the EIA said, exceeding analysts' expectations for a decrease of 2.6 million barrels. The Brent crude price rose by US45 cents or 0.7% to US$65.17 a barrel. And the US Nymex price rose by US53 cents or 0.9% to US$58.58 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Wednesday. Nickel (+0.9%) and lead (+0.4%) both rose, but zinc (- 1.1%) and tin (-0.8%) fell by the most. 

The gold futures price fell by US$3.60 or 0.3% to US$1,426.10 an ounce. The spot gold price was trading near US$1,413 an ounce in late US trade. Iron ore fell by US$2.80 or 2.3% to US$118.35 a tonne due to weak Chinese factory data.

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Australian Market ReportCurrent
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Wednesday 31 July - close. The Australian share market has pulled back from its record highs despite gains for the energy sector. The benchmark S&P/ASX200 index finished down 32.5 points, or 0.47 per cent, to 6,812.6 points on Wednesday, while the broader All Ordinaries closed down 31.6 points, or 0.46 per cent, to 6,896.7.

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