MARKETS SPECTATOR: Rate cut rocket

Westpac and Commonwealth Bank shares hit new records as the S&P/ASX 200 surged following weaker-than-expected consumer price data.

Rate cut, rate cut, rate cut screamed the market after consumer prices in the three months to March 31 rose a weaker-than-expected 0.4 per cent compared to a 0.7 per cent forecast by economists.

Traders and analysts were in no doubt what the data means: a potential rate cut by the Reserve Bank of Australia.


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