By Oliver Gray
Investing.com - The S&P/ASX 200 fell 1.6% to 6700.2 on Wednesday as market participants braced for the U.S. Federal Reserve’s interest rate decision on Thursday morning.
Among stocks, Materials led declines as Rio Tinto Ltd (ASX:RIO) shed 3.7% as CEO warned copper prices are likely to face short-term pressure from steep inflation and supply chain disruptions. BHP Group Ltd (ASX:BHP) dipped 3.1% and Fortescue Metals Group Ltd (ASX:FMG) fell 4.4%.
Utilities dipped 2.4%, with Origin Energy Ltd (ASX:ORG) down 2.9%, Genesis Energy Ltd (ASX:GNE) fell 5.2% and AGL Energy Ltd (ASX:AGL) lost 2.3%.
{{|Real estate}} lost 2.2% as mgr fell 2.9%, Charter Hall Group (ASX:CHC) lost 1%, Goodman Group (ASX:GMG) fell 1.6% and Stockland Corporation Ltd (ASX:SGP) lost 2.9%.
Several companies trading ex-dividend were Adriatic Metals Plc (ASX:ADT), down 4.9%, Atlas Arteria (ASX:ALX) falling 5.2% and Cochlear Ltd (ASX:COH) shed 2%.
On the bond markets, Australia 10-Year rates were at 3.71% while United States 10-Year yields were at 3.483%.
In New Zealand, the NZX 50 added 0.4% to 11,573.