The ASX200 closed down 44.9 points to 7,738.1, a day after the ABS reported inflation data for May that was higher than expected and prompting speculation that the RBA would be forced to raise interest rates in the near term and at the very least won't be making any cuts until next year.
Despite the market ending the day in the red, it did climb back throughout the afternoon after a morning selloff.
Property stocks were the worst of the sectors, ending the session 2.4% lower, on concerns about the impact of rising inflation. Bond yields were also pushed higher on inflation concerns,
Meanwhile, Tech was the only sector to end the day higher.
Move on Virgin Australia (ASX:VAH)
Qatar Airways is in negotiations to acquire up to a 20% stake in Virgin Australia (ASX:VAH), a move that could significantly impact the country's aviation industry.
The move would extend an existing partnership the airlines have as they look to compete against Qantas.
Two sources close to the transaction, who spoke on condition of anonymity, indicated that Virgin's advisers had also considered a stake sale to Singapore Airlines, which ultimately did not materialise.
Qatar Airways' interest in a stake in Virgin could be announced as early as next week, pending approval from the Foreign Investment Review Board, which may block the transaction.
Qatar Airways could not be reached for comment by the AFR and Bain Capital declined to comment.
Read more: Qatar Airways eyes significant stake in Virgin Australia
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American Rare Earths wins A$10.7 million grant from State of Wyoming, US, to advance Cowboy State Mine
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Asian Battery Metals begins aggressive 2024 exploration in Mongolia
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