News: DXS Australian shares fall after Fed official's comments temper rate cut hopes

	  ASX 200 falls after six-session rally 

	  Link, Adbri and Pacific Smiles surge on buy-out bids 

	  Property stocks a major drag on benchmark 

Australian shares ended lower on Monday, led by real estate stocks, after the New York Federal Reserve president pushed back against expectations of imminent rate cut, although elevated mergers and acquisitions activities limited the decline.

The benchmark index S&P/ASX 200 (xjo) fell as much as 0.5% in early market trading hours but ended 0.2% lower at 7426.4 points.

New York Fed President John Williams on Friday said the central bank remained focused on bringing inflation down to its target of 2% and added it's "'premature' to discuss rate cuts at this point".

In Sydney, rate-sensitive real estate stocks .AXRE emerged as a major loser on the benchmark, falling 1.4%.

Property developers Mirvac Group (MGR) , Dexus (DXS) and Charter Hall Retail REIT (CQR) ended between 2.9% and 1.3% lower.

Energy companies .AXEJ dropped 0.5%, tracking the broader mood despite rising oil prices.

Sector majors Woodside (WDS) and Santos (STO) ended down 0.3% and 1.6%, respectively.

"The broader market is under pressure today, but we're seeing rate-sensitive sectors such as real estate suffer the most following the pushback on rate cuts from some Fed officials at the end of last week," said Josh Gilbert, market analyst at eToro.

Among individual stocks, shares of Link Administration (LNK) had their best day ever after the share registry firm agreed to a $800 million takeover offer from Japan's Mitsubishi UFJ Financial 8306.T . Link's shares ended 27% higher.

Construction material maker Adbri (ABC) and dental-centre operator Pacific Smiles (PSQ) ended 31.3% and 18% higher amid buy-out bids.

Bookmaker Tabcorp (TAH) also recorded its biggest intraday percentage gain since listing after it secured an exclusive 20-year betting and wagering license in the state of Victoria. Shares ended 23.1% higher.

Among other sectors, financial .AXFJ dropped 0.2%, while heavyweight miners .AXMM ended the day flat.

New Zealand benchmark S&P/NZX 50 index (nz50) rose 0.13% to finish the session at 11,564.98 points.