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The ASX200 has been down 0.5% at 8,450 points in afternoon trade.
Australia’s Annual GDP growth surprised on the downside, slumping to 0.8% in Q3 despite record high government spending. The figures have sparked speculation the RBA may change tack and cut rates sooner than expected.
The Real Estate sector has been sold off and is the worst performing sector, down 2.45%, followed by Utilities, down 2%, and Health Care, down 0.8%.
Information Technology has been the only sector in positive territory, up 0.75%.
Company News
Goodman Group (ASX:GMG) has been down 3.3% after investment bank Citi repriced leftover stock from a $1.9B sell-down on Tuesday night by China Investment Corporation.
Goodman Group has been $36.86.
Pro Medicus (ASX:PME) has been up 2.6% after cofounders Dr Sam Hupert and Anthony Hall sold $0.5B worth of stock and news of broker Bell Potter’s 100 per cent target price lift.
Pro Medicus has been $263.32.
Rio Tinto (ASX:RIO) has been up 0.65% after inking a JV with Japan’s Sumitomo Metal Mining to develop the Winu copper-gold project in WA’s Great Sandy Desert.
Rio Tinto has been $119.80.
