Australian shares declined as a response to Wall Street losses and rising bond yields following Federal Reserve Chairman Jerome Powell's statements that a rate cut is not imminent and expectations for multiple cuts through 2024 were too high. The probability of a rate cut in March dropped to below 15%, but traders still anticipate a possible cut in May, with a 54.5% probability, while the US 10-year Treasury yield increased to 4.16%.
The S&P/ASX 200 is 0.86 per cent lower at 7,560.10.
The SPI futures are pointing to a fall of 69 points.
Best and worst performers
The best-performing sector is Consumer Staples, up 0.16 per cent. The worst-performing sector is Information Technology, down 2.15 per cent.
The best-performing large cap is Meridian Energy (ASX:MEZ), trading 4.38 per cent higher at $5.24. It is followed by shares in GQG Partners (ASX:GQG) and Lynas Rare Earths (ASX:LYC).
The worst-performing large cap is Cochlear (ASX:COH), trading 5.73 per cent lower at $290.77. It is followed by shares in WiseTech Global (ASX:WTC) and South32 (ASX:S32).
Commodities and the dollar
Gold is trading at US$2041.70 an ounce.
Iron ore is 0.6 per cent lower at US$127.20 a tonne.
Iron ore futures are pointing to a 1.5 per cent fall.
One Australian dollar is buying 64.83 US cents.
