Meanwhile, Nuix’s shares stormed up nearly 44 per cent after its trading halt was lifted in the afternoon. A former chief executive of the tech company has lost a court battle that could have delivered him damages worth almost as much as the controversial tech stock’s current market value.

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Overnight on Wall Street, the S&P 500 fell 25.40, or 0.6 per cent, to 4,111.08 for its second straight fall after a stunningly strong report on the US jobs market dented the market’s hopes for easing interest rates. The Dow Jones Industrial Average fell 34.99 points, or 0.1 per cent, to 33,891.02, while the Nasdaq composite dropped 119.50, or 1 per cent, to 11,887.45.

Higher rates slow the economy by design, in hopes of limiting the purchases by households and businesses that can fuel inflation. But they also raise the risk of a severe recession and hurt markets in the meantime.

Tweet of the day:

Quote of the day:

“High inflation makes life difficult for people and damages the functioning of the economy. And if high inflation were to become entrenched in people’s expectations, it would be very costly to reduce later.” That’s Reserve Bank governor Philip Lowe in Tuesday’s monetary policy decision statement.

“The board expects that further increases in interest rates will be needed over the months ahead to ensure that inflation returns to target and that this period of high inflation is only temporary.”

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“Almost a lubricant”: That’s how ASX-listed olive oil producer Cobram Estate’s joint CEO Leandro Ravetti described vegetable and refined oils. He insists he’s not spruiking Cobram Estate specifically, but is championing the entire extra virgin olive oil sector and its health benefits.

However, the $582.1 million company has some way to go in making olive oil appear as a good buy for investors and customers alike.

With AP

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