News: XIJ Australian shares slide 1.6% as Fed Chair signals more rate hikes

	  ASX 200 logs worst day in nearly 3 weeks 

	  Inflation fight "long way to go" - Fed Chair 

	  Technology stocks top percentage losers  

	  Next RBA governor to be named in July 

(Updates to close)

Australian shares fell in an all-sector sell-off on Thursday, with commodity and technology stocks leading losses, after U.S. Federal Reserve Chair Jerome Powell hinted at further interest rate hikes to curb inflation.

The S&P/ASX 200 index (xjo) ended the session 1.6% lower at 7,195.50, logging its worst day since May 31.

In his testimony to lawmakers in Washington, Powell said the fight to lower inflation "has a long way to go" and hinted at two more 25-basis point rate hikes by the year-end.

"Market is adjusting to the potential for further hikes in the U.S., besides expectations of a weaker growth in Australia through the second half of the year," said Kerry Craig, global market strategist at J.P. Morgan.

In Sydney, technology stocks .AXIJ slumped 3.9%, tracking overnight losses on Wall Street. Sector majors Xero (XRO) and ASX-listed shares of Block (SQ2) dropped 4.4% and 2.3%, respectively.

Heavyweight mining stocks .AXMM fell 2% amid weaker iron ore prices as markets awaited more stimulus measures from China.

BHP Group (BHP) and Rio Tinto (RIO) fell 2.4% and 1.2%, respectively.

Gold stocks .AXGD tumbled 2.3% as bullion prices hovered near a three-month low. Heavyweight Newcrest Mining (NCM) fell 1.3%.

Northern Star Resources (NST) dropped 3.2% to a four-week low after the miner said it will expand the processing capacity of its Kalgoorlie Consolidated Gold Mines (KCGM) mill in Western Australia at the cost of A$1.5 billion ($1.02 billion).

Financial stocks .AXFJ also slid 1.6%. The so-called "Big Four" banks fell between 0.9% and 1.6%.

In other news, Treasurer Jim Chalmers said he would announce his decision in the coming weeks on whether Reserve Bank of Australia Governor Philip Lowe will be reappointed to a second term, as customary, or be passed over for a new leader, after criticism of the central bank's policy direction under Lowe's leadership.

New Zealand's benchmark S&P/NZX 50 index (nz50) finished 0.3% lower at 11,739.05 points.

($1 = 1.4789 Australian dollars)