The S&P/ASX 200 closed at a two-week low of 8,926 on Wednesday, down nearly 1% and slipping below the key 9,000 mark for the first time since October 15, as hotter inflation dampened hopes of an RBA near-term rate cut. The monthly CPI rose 3.5% year-on-year in September, up from 3% in August and above forecasts of 3.1%, marking the highest since July 2024. Core inflation also rose more than expected, with the trimmed mean CPI up 1% from the previous quarter and 3% annually. Markets now see just an 8% chance of a 25bps cut on November 4, down from 40%, while December odds have fallen below 22% from 47%. The data sparked broad selling in rate-sensitive sectors, including financials, which slid about 1.9%, led by the Big Four Banks. Real estate stocks also fell roughly 1.7%, weighed by sector heavyweight Goodman Group, while healthcare extended losses into a second session as CSL slipped about 4%.