Aust stocks close lower
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The Australian sharemarket has closed weaker as disappointing Chinese manufacturing data continued to weigh on global bourses.
At the official market close of 1915 AEDT the benchmark S&P/ASX 200 index was 0.42% lower at 5,240.9 points, while the broader All Ordinaries index was 0.4% lower at 5,254.3 points.
IG market strategist Stan Shamu said the ASX 200 closed 1.2% lower for the week, with the disappointing Chinese data accelerating losses in the last two days.
The HSBC purchasing managers' index on Thursday showed Chinese manufacturing activity fell to a six-month low in January, with a reading of 49.6, down from December's 50.5.
However Mr Shamu said a higher-than-expected read in Australia's consumer price index (CPI) – the key inflation measure – had also contributed to the falls.
"Locally the CPI print that we got ruled out the need for an imminent rate cut," Mr Shamu said.
"As a result that might be something that will weigh on equities in the near term as some people were hoping for a cut."
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