By Oliver Gray
Investing.com - The S&P/ASX 200 fell 34.9 points or 0.5% to 7,504.1 during Tuesday’s trading session, extending declines of 0.3% on Monday as market participants retreated after Reserve Bank of Australia policymakers hiked interest rates by 25 basis points for the ninth consecutive month.
Among stocks, real estate led declines, with Mirvac Group (ASX:MGR) down 0.8%, Goodman Group (ASX:GMG) falling 2.3%, Charter Hall Group (ASX:CHC) down 1.1% and Stockland Corporation Ltd (ASX:SGP) falling 2%.
Consumer staples also dipped, with Woolworths Ltd (ASX:WOW) down 1.2%, Coles Group Ltd (ASX:COL) falling 1.2%, Endeavour Group Ltd (ASX:EDV) down 1.4% and Metcash Ltd (ASX:MTS) slipping 2.4%.
Meanwhile, Energy added 0.5% as Woodside Energy Ltd (ASX:WDS) gained 0.3%, Santos Ltd (ASX:STO) added 0.6% and Beach Energy Ltd (ASX:BPT) gained 2.9%.
In policy news, Reserve Bank of Australia RBA Governor Philip Lowe noted in his statement that policymakers remain committed to fighting inflation over the long term, warning that more hikes were needed and that the “path to achieving a soft landing remains a narrow one.”
On the bond markets, Australia 10-Year rates were at 3.603%.
In New Zealand, the NZX 50 fell 0.6% to 12,129.