End-of-day summary:
Aussie shares declined for a second day after ANZ missed earnings expectations and the Reserve Bank warned of a "bumpy" road ahead for the economy.
The ASX 200 dropped 28 points or 0.4% to 6949. Significant drags included gold miners, energy producers and financial stocks. ANZ shed 3.02% as a record profit failed to satisfy analysts expecting a little more.
The RBA warned today that the war on inflation was likely to be lengthy despite the impact of higher rates.
"The next stage in bringing inflation back to target is likely to be more drawn out than the first. This has been the experience of some other advanced economies that have been a little ahead of Australia in this inflation cycle. The recent increase in fuel prices is also a timely reminder that upside surprises from supply shocks could affect headline inflation. All to say, the road ahead could be bumpy," Acting Assistant Governor (Economic) Marion Kohler told the UBS Australasia Conference.
Positive Friday leads from Wall Street were overshadowed by Sunday night pressure on US futures. S&P 500 futures sagged 0.47% this afternoon. Most Asian markets were also trading lower.
