'Notch in the column': ASX rallies to record close on rates prediction

ASX rallied to a record close during the Wednesday afternoon's trading Picture Newswire/ Gaye Gerard. ASX rallied to a record close during the Wednesday afternoon's trading Picture Newswire/ Gaye Gerard. Credit: News Corp Australia Australia's sharemarket has rallied during the afternoon to a new record close, due to weaker-than-expected retail sales and further expectations of a rate cut when the Reserve Bank meets next week. The ASX200 index rallied 56.6 points or 0.66 per cent to 8597.7 on Wednesday, narrowly beating the previous record close of 8592.1. The broader All Ordinaries also jumped during Wednesday afternoon's trading up 56.70 points…