End-of-day summary:
Aussie shares trimmed sharp early losses as the threat of a delay to interest rate cuts failed to deter investors from "buying the dip".
The ASX 200 slashed a 96-point opening plunge to a final loss of just 35 points or 0.44%. An overnight rally in crude oil and a fourth day of gains for iron ore helped lift resource stocks. Gold miners and supermarkets attracted haven buying.
The most rate-sensitive sectors led the initial slump after hotter-than-expected US inflation data dashed hopes that US interest rates might fall as soon as June. The S&P 500 skidded 0.95% as the market odds on the first cut shifted from June to September, and possibly as late as November.
