The nasty US inflation print shook up the markets as expected, although it wasn’t just growth stocks that felt the heat. The rush to blue chips was evident, with small and mid caps shrinking by multiples of the top 20. Companies at the top of the ladder were hard to come by. Unibail-Rodamco Westfield led the market all day with investors cheering its new strategy to realise value, closing up nearly 7%. IAG defied gravity by closing up 4% despite smashed profits. While RBA Governor Lowe pushed back on near-term rate rises, the markets are saying otherwise. It was a forgettable end to the week, the S&P/ASX200 closed down 71 points or 1%.

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