The Australian share market closed slightly lower, as losses by the big banks outweighed gains by the big miners.
The benchmark S&P/ASX200 (INDEXASX: XJO) index on Thursday finished 15.8 points, or 0.2 per cent, weaker at 7,713.6, while the broader All Ordinaries (INDEXASX: XAO) dropped 15.5 points, also 0.2 per cent, at 7,974.0.
Four of the ASX’s 11 sectors finished higher, four moved lower, and the industrials, property and utilities barely changed.
The exchange’s two dominant sectors had different days, with materials rising 1.9 per cent and financials dropping the same amount.
All of the Big Four banks fell, with ANZ Group Holdings Ltd (ASX: ANZ) down $1.12, or 3.8 per cent, to $28.68; Westpac Banking Corp (ASX: WBC) giving up $1.03, also 3.8 per cent, to $26.47; National Australia Bank Ltd (ASX: NAB) off 95 cents, or 2.8 per cent, to $33.50; and Commonwealth Bank of Australia (ASX: CBA) retreating $1.33, or 1.1 per cent, to $116.22.
ANZ share price
The big miners had to deal with iron ore softening further, but on the flipside, copper hit a seven-month high following a plan by smelters in China to cut output.
BHP Group Ltd (ASX: BHP) lifted $1.11. or 2.7 per cent, to $43.06; and Rio Tinto Ltd (ASX: RIO) advanced $2.24, or 1.9 per cent; to $119.19, while the iron-ore-only Fortescue Ltd (ASX: FMG) firmed 3 cents, to $24.53.
Hot inflation read hits US markets
In the US, the markets fell after the release of hotter-than-expected US inflation data, which sent bond yields higher and had traders rethinking how soon the Federal Reserve will cuts rates, and whether that could slow down the stock market rally in any meaningful way.
The broad S&P 500 (INDEXSP: .INX) lost 14.8 points, or 0.3 per cent, to 5,150.48, while the 30-stock Dow Jones Industrial Average (INDEXDJX: .DJI) walked back 137.66 points, or 0.4 per cent, to close at 38,905.66. The tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) index lost 49.2 points, or 0.3 per cent, to 5,150.48, led downward by NVIDIA Corp (NASDAQ: NVDA), which lost 3.2 per cent, as NVIDIA contemplates a share split.
NVIDIA share price
Gold lost US$13.35, or 0.6 per cent, to US$2,162.10 an ounce, the global benchmark Brent crude oil grade strengthened US$1.09, or 1.3 per cent, to US$85.10 a barrel, and US West Texas Intermediate crude gained US$1.31, or 1.6 per cent, to US$81 a barrel.
The Australian dollar is buying 65.85 US cents.
