Australian stocks slip on weakness in miners, staples; rate hike concerns weigh

Business Recorder reported that Australian equities declined on Thursday, with mining and consumer staples companies leading the losses. The S&P/ASX 200 lost 0.6 per cent to 9,074.90 by 0059 GMT, after a 0.4 per cent drop in the prior session. Investors increasingly priced in a possible rate increase by the Reserve Bank of Australia after a strong inflation reading on Wednesday.

Market odds of a September rate increase climbed to 47 per cent from 16 per cent before the inflation data. National Australia Bank expects a 25 basis point rise next month, while Westpac sees rates holding steady for the remainder of the year. Gold stocks lost 1.8 per cent as bullion prices kept sliding, and Evolution Mining fell 3.2 per cent. The wider mining index dipped 1.1 per cent, with BHP Group slipping 1.1 per cent and Rio Tinto 0.4 per cent.

Consumer staples fell by up to 1.7 per cent after Wesfarmers flagged spending pressure from squeezed household budgets, despite a better than expected annual profit. Woolworths slipped 1.9 per cent. Ramsay Health Care surged 15.6 per cent to a two-year high after its full-year underlying profit topped expectations, while Qantas Airways gained up to 3 per cent on upbeat revenue guidance. New Zealand's S&P/NZX 50 eased 0.4 per cent to 13,963.47.