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Live: ASX down despite bumper Woolies profit as traders increase rate rise bets

Australia's largest supermarket chain, Woolworths, has seen its profit surge by 18 per cent in the last financial year to $1.138 billion. Despite this, July inflation figures show annual price pressures easing across the economy.

Meanwhile, one of Australia's largest private credit investment managers has limited redemptions on its $2.3 billion secured property loan fund.

Follow the day's financial news and insights from our specialist business reporters on our live blog.

It released its half-year profit results this morning, with first half revenue, recurring revenue, and gross profit margin all up.

But its underlying EBITDA was -$12.4 million (-256% on the previous corresponding period), with lower gross margin and increased fixed base for scaled operations, and increased wages and sales and marketing costs, and it reported a statutory loss after tax of $32.2 million (compared with $2.1 million profit after tax in PCP), after individually significant items of $15 million.

The Aussie dollar just did something it hasn’t managed for months

The Aussie dollar surged and share market stuttered following the release of inflation figures in a clear sign traders are genuinely entertaining the chance of another interest rate hike.

Wednesday’s data put inflation for the 12 months to July at 3.5 per cent, and the all-important trimmed mean – the RBA’s preferred underlying measure – at 3.6 per cent.

The Australian dollar jumped after inflation figures on Wednesday in a clear sign traders are expecting another interest rate hike. Wayne Taylor/AFR

While the headline figure was a 0.3 per cent slowdown from June and the trimmed mean was steady, both remain well beyond the 2-3 per cent target, and both were higher than market forecasts of 3.2-3.3 and 3.5 per cent respectively.

ASX 200 LIVE: ASX turns down after CPI; Deutsche Bank tips September rate rise

ASX turns down as CPI miss increases odds of RBA rate rise

Hot CPI a kick in the guts for ailing economy: Betashares

The Australian sharemarket erased gains on Wednesday after inflation came in stronger than expected, keeping the risk of further interest rate increases by the Reserve Bank of Australia in play.

The S&P/ASX 200 Index was down by 0.1 per cent, or 13 points, to 9151.60 at 2.03pm AEST, after being up by more than 0.6 per cent before the Australian Bureau of Statistics released the July price data.

While inflation slowed from 3.8 per cent in June to 3.5 per cent last month, it was above the 3.3 per cent forecast by economists. Trimmed mean – the RBA’s preferred gauge – held at 3.6 per cent.

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