Thanks afternoon crew.
End-of-day summary:
Aussie shares fell for a second day following an inflation warning from the RBA and a reversal in iron ore prices.
The ASX 200 declined 44 points or 0.62% to 7029. Resource and consumer stocks were the biggest drags on the index, along with utilities. Telcos and REITs offered a haven.
Positive US leads were overshadowed by a hawkish speech last night from RBA Governor Michele Bullock. The central bank chief warned the cost of services continued to rise in Australia despite recent rate hikes. Treasury yields edged higher today on the prospect that this interest rate-raising cycle may not be over.
Iron ore fell this afternoon after China's state planner said it will step up monitoring of ore markets to prevent price manipulation. Dalian ore futures dropped 1.6% from a 12-month high. Fortescue Metals gave up 1.93%, BHP 1.44% and Rio Tinto 0.99%.
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