By Oliver Gray
Investing.com - The S&P/ASX 200 lost 52.00 points or 0.73% to 7,097.40 during Tuesday’s deals following gains of 1.2% in the previous session as a recent historic surge in commodity prices cooled further, hitting mining and energy stocks, while financials rose on higher bond yields.
Among commodities, Brent and WTI fell 4.7% apiece, Copper Futures were 0.11% higher, Gold fell 1.39% and Silver declined 1.28%.
Among stocks, Materials dropped 3.74% collectively with Rio Tinto Ltd (ASX:RIO) down 3.93%, BHP Billiton Ltd (ASX:BHP) losing 4.2% and Fortescue Metals Group Ltd (ASX:FMG) down 4.93%.
Energy finished 2.9% lower, with Woodside Petroleum Ltd (ASX:WPL) down 2.85%, Santos Ltd (ASX:STO) losing 4.11%, Beach Energy Ltd (ASX:BPT) down 4.98% and Viva Energy Group Ltd (ASX:VEA) down 1.7%.
Financials finished 0.99% higher amid spiking bond yields. Macquarie Group Ltd (ASX:MQG) dipped 0.44%, Australia and New Zealand Banking Group Ltd (ASX:ANZ) gained 0.41%, National Australia Bank Ltd (ASX:NAB) lifted 0.86%, Westpac Banking Corp (ASX:WBC) gained 1.12% and Commonwealth Bank Of Australia (ASX:CBA) increased 1.75%.
In policy news, minutes from the RBA’s latest board meeting showed that policymakers expected underlying expected to increase further over coming quarters before moderating as supply chain problems are resolved, noting that the war in Ukraine and the associated increase in energy prices had created additional uncertainty about the inflation outlook.
Among currencies, the AUD was trading at 3-week lows of 0.7186 while the US Dollar Index was at 98.87.
On the bond markets, Australia 10-Year yields held at 2.504% while United States 10-Year rates were at 2.14%.
In New Zealand, the NZX 50 eased 0.04% to 11,802.