Headline CPI Cools as Sticky Core Tests ASX Gains
Updated 26 Aug 2026 · 11:43 AEST (UTC+10)
MIDDAY INVESTOR PULSE
Headline inflation cools; the core remains sticky
July CPI eased to 3.5% year on year, but trimmed mean inflation held at 3.6%. Equities entered the release higher, led by Woolworths and miners, while technology and energy lagged.
Gains / sticky core
Cash rate: 4.35%
+0.35%
+32 points
LATEST VERIFIED · 10:49 AEST
9,192
+0.3%
DELAYED SNAPSHOT · 10:15 AEST
9,374.9
+0.63%
PREVIOUS CLOSE · 25 AUG 17:02 AEST
3,588.7
+0.61%
PREVIOUS CLOSE · 25 AUG 17:02 AEST
July CPI at a glance
ABS · 11:30 AEST
Read-through: the headline direction is helpful, but underlying inflation is still 0.6 percentage points above the RBA target ceiling. Housing rose 5.0% y/y, food 3.2% and recreation 2.6%; services inflation was 3.7% versus 3.2% for goods.
What is leading
10:49 AEST
- Consumer staplesLeaderWoolworths +5.4% after FY26 EBIT growth and a stronger dividend.
- Materials5-day streakThird straight record high for the sector as copper and gold miners advance.
- TechnologyLaggardWiseTech -6.3% after FY27 revenue guidance landed below estimates.
- EnergyLaggardOil weakness weighed; Woodside was -4.1% at 10:26 AEST.
Consequential movers
10:26–10:49 AEST
| Stock | Move | Verified catalyst |
|---|---|---|
| LovisaLOV | +15.43% | FY27 first-eight-week sales +16.4%; FY26 EBIT +14.1%. |
| WoolworthsWOW | +5.4% | FY26 EBIT +12.7%; final dividend +15.6% to 52c. |
| WorleyWOR | −10.77% | FY27 mid-to-high single-digit growth guide missed analyst positioning. |
| Domino’sDMP | −9.06% | FY26 same-store sales −4.1% versus −2.8% estimate. |
| WiseTechWTC | −6.3% | FY27 revenue midpoint about 3% below estimates. |
Cross-asset frame
LATEST VERIFIED
- AUD / USD
- 0.7165
- Brent crude
- US$85.95
- Gold
- US$4,723
- Copper
- US$6.707
10:15 AEST
−4.8% · 08:01 AEST
+1.76% · overnight settle
+1.63% · overnight settle
Equity link: higher gold and copper support miners; sharply lower crude is a direct drag on local energy names. A firm Australian dollar remains a headwind for unhedged offshore earnings.
Tape firmed before CPI
The ASX 200 move improved from +0.3% at 10:15 to +0.35% at 10:49. No post-CPI index print was independently verified by 11:43 AEST.
Core inflation stalls
Trimmed mean at 3.6% keeps the RBA’s upside-risk case alive. Rate-sensitive growth stocks remain the cleanest pressure point.
Data, then the close
16:00 today: ASX normal trading ends. 27 Aug, 11:30 AEST: private capex and household spending. 29 Sep, 14:30 AEST: RBA decision.
Woolworths and Lovisa Lift ASX Before CPI
AUSTRALIA • OPENING HOUR
Retailers lift the market before CPI
Woolworths and Lovisa are carrying the early advance while technology and several earnings names trade lower.
S&P/ASX 200 real-time vendor quote
9,185.70+21.10 +0.23%
- Open / prior close
- 9,164.60
- Day range
- 9,164.60–9,200.30
- Volume
- 116.7m
ALL ORDINARIES real-time vendor quote
9,404.40+29.50 +0.31%
- Open / prior close
- 9,374.90
- Day range
- 9,374.90–9,405.60
- Volume
- 129.7m
MARKET REGIME
Selective risk-on. The broad market is positive, but the result season is producing large two-way stock moves.
Leaders
| Stock | Move | Verified catalyst |
|---|---|---|
| Lovisa | +18.24% | FY26 revenue +17.6%; NPAT +10.7%; 160 new stores |
| Perseus Mining | +7.34% | Gold at US$4,705.60/oz supports the tape |
| Sandfire Resources | +7.20% | Resources bid despite softer spot copper |
| Woolworths | +4.63% | Profit +18.1%; revenue +3.6%; dividend +15% |
Laggards
| Stock | Move | What the tape says |
|---|---|---|
| Worley | −11.71% | Underlying EBITA fell 11%; currency and Middle East disruption weighed |
| Domino’s Pizza | −8.57% | FY26 loss was larger than expected |
| Flight Centre | −7.79% | Results-season selling; no added catalyst assigned |
| WiseTech Global | −5.41% | FY26 result digestion against an unresolved ACCC overhang |
Cross-asset pulse
Gold is supportive for producers; softer oil and copper temper the resources read-through. Cross-asset figures are vendor snapshots at 10:37 AEST.
Next hard catalyst
11:30 AEST — scheduled. ABS releases July CPI and June-quarter construction work.
- Headline CPI consensus: 3.2% y/y vs 3.8% prior
- Trimmed mean consensus: 3.5% y/y vs 3.6% prior
- RBA cash rate: 4.35%; August minutes showed a divided debate before a unanimous hold
Decision map
A softer core CPI print could extend the staples-led rise and broaden participation.
A hot trimmed-mean print would revive hike risk, pressure duration stocks and strengthen the financials-versus-growth split.
The expected fall to 3.2% is partly a base-effect story; the 3.5% trimmed mean is the more policy-sensitive number.
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