April 6 (Reuters) - Australian shares slipped on
Thursday as losses in mining and tech stocks outweighed gains in
gold equities, while investors digested comments from the
country's top banker on future rate hikes.
The S&P/ASX 200 index fell 0.2% to 7,220.6 by 0136
GMT, after eight straight sessions of gains. The benchmark rose
0.02% on Wednesday.
Reserve Bank of Australia (RBA) Governor Philip Lowe said on
Wednesday interest rates had been held steady this month to
allow more time to assess the impact of past hikes, but the
board would assess policy again in May with updated forecasts
for the economy and inflation.
Meanwhile, a growing wave of weak U.S. economic data
deepened worries that the Federal Reserve's rapid interest rate
hikes might tip the U.S. economy into a recession.
In Australia, export-reliant miners slipped 0.3% to
become the biggest drag on the benchmark. BHP Group and
Fortescue Metals eased 0.6% and 0.1%, respectively.
Tech stocks tracked the Nasdaq lower and were last
down 0.7%. ASX-listed shares of Block Inc fell 1.3%,
while Xero dropped 1%.
Financials and energy stocks lost 0.1% and
0.5%, respectively.
Gold stocks rose 0.2% as bullion prices touched
their highest in a year overnight. Sector giants Newcrest Mining and Northern Star Resources rose more than
0.8% each. Among individual stocks, Elanor Investors rose
about 16% after the investment management firm said it would by
Challenger's Australian real estate funds management business.
New Zealand's benchmark S&P/NZX 50 index rose 0.3%
to 11,901.68, a day after the central bank unexpectedly raised
its cash rate by 50 basis points to a more than 14-year high of
5.25%.
(Reporting by Nausheen Thusoo in Bengaluru; Editing by
Subhranshu Sahu)
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