Local investors have turned their attention from the interest rate easing cycle in the US to the prospect that Australian rates may not be cut until well into next year.

The S&P/ASX200 lost almost 1% in the first half hour of trade, but clawed back those losses over the session to finish 0.7% lower at 8152.90.

The consumer staples sector was the worst performer with Coles and Woolworths losing around 3.5% after the competition regulator launched legal action against the supermarket giants, alleging that they misled shoppers about discounts. Consumer discretionary stocks also suffered with Harvey Norman down 2.2%.

The mining sector was mixed with BHP falling 1.3% as the iron ore price weakened further, while the gold miners benefited from a new record price for bullion.

The uranium miners were the standout stocks, led by Boss Energy which rose 8.2%. This came after Microsoft struck a 20 year deal to source its energy from the Three Mile Island nuclear plant.

Webjet was the worst performer, falling 10.7% after completing its demerger, creating WEB Travel Group and the newly listed Webjet Group, under the ticker code WJL.

Shares in shipbuilder Austal rose 2.4% after winning a $220 million contract with the US Navy and pathology company Healius lifted 7.5% as it sells Lumus Imaging for $965 million.

The Aussie dollar jumped around half a percent after China’s central bank unexpectedly lowered its 14-day repo rate.

The local currency will also be in focus tomorrow when the RBA is expected to leave rates on hold. But markets will be looking for guidance on when it expects to fall into line with its global peers and begin cutting.

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