Feb 15 (Reuters) - Australian shares slipped on
Wednesday as higher U.S. inflation increased bets that the U.S.
Federal Reserve would continue with its rate-hiking cycle.
The S&P/ASX 200 index fell 0.3% to 7,405.3 by 2345
GMT, after rising about 0.2% on Tuesday. Elsewhere in Asia,
Japan's Nikkei rose 0.6% and S&P 500 E-minis futures were down 0.1%.
U.S consumer prices increased 6.4% in the 12 months through
January, marking its smallest annual rise since late-2021, but
faster than the 6.2% that economists had projected. The reading
hinted that the Fed could still be on its moderate rate-hike
path despite the continued gradual slowdown in inflation trends.
Australian banking stocks lost the most on the
benchmark, plunging up to 3.1%. All "Big Four" lenders declined.
Commonwealth Bank of Australia slumped up to 5.7%
after flagging tailwinds from inflationary pressures, rising
rates, supply chain disruptions. It saw loan impairment expenses
increasing by A$586 million in the half year. Energy stocks tracked lower oil prices and fell
0.5%, with sector majors Woodside Energy Group and
Santos Ltd sliding 2.1% and 0.3%, respectively.
The mining sub-index swayed between positive and
negative territories, while BHP Group and Rio Tinto gained 0.2% and 0.7%, respectively.
Fortescue Metals Group , the world's fourth-largest
iron ore miner, dropped up to 3% on weaker-than-expected fall in
its half-year profit, as declining iron ore prices eroded
earnings from record half yearly iron ore shipments.
Gold stocks shed 0.9% after bullion prices gave up
gains overnight. Newcrest Mining fell 1.3%.
In New Zealand, the benchmark S&P/NZX 50 index rose
0.1% to 12089.67.
(Reporting by Jaskiran Singh in Bengaluru; editing by
Uttaresh.V)
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