Did somebody say correction ❓

It may have been another bloodbath overnight, but in the local market investors with thick chainmail gloves caught some falling knives. Energy closed up 0.8% and materials up 0.2%. Not so healthy were financials, closing down -1.6%. City Chic got a 6% bump on its upbeat quarterly update, closing at the top of the table. At the other end, Life360 was hammered by 29% as upbeat revenues were revealed, but nothing else was. The inflation report shot the lights out and triggered a cavalcade of capitulations for a rate hike as early as next week - election be damned. And so after all these moving parts were digested, the S&P/ASX200 shed “only” 57 points, or -0.8% to 7261.

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