Australian shares slip on RBA inflation warnings; banks and miners drag

According to Business Recorder, Australian shares fell on Wednesday as banks and miners dragged the market lower after hawkish remarks in the Reserve Bank of Australia's meeting minutes. By 0010 GMT the S&P/ASX 200 had dropped 0.6% to 8,731.50, putting it on course for its weakest session since October 1, following a flat finish on Tuesday. The central bank still expects stubborn inflation to persist for longer, citing strong domestic demand and costlier global energy, and it did not rule out a fifth rate increase this year.

Concerns deepened as investors weighed escalating Middle East fighting, including attacks on Saudi Arabia, and remarks from Commonwealth Bank of Australia chief executive Matt Comyn at the lender's annual meeting that inflation remains too high. Bank shares slid 1.5%, on track for their worst session since early October, with every member of the Big Four down between 1.5% and 2.5%. Miners eased 0.2% on softer copper prices, tech stocks dipped 0.2% after an overnight Nasdaq drop, and energy names bucked the trend with a 0.7% advance.