The S&P/ASX 200 shed 4.3 points, or 0.1 per cent, to finish at 7193.10.
indicated a tougher profit outlook, saddled by growing competition for deposits.
“Headwinds for the banking sector sentiment are set to continue even though the margin contraction [in Australia] is reasonable compared with offshore banks,” said George Boubouras, head of research at K2 Asset Management. Risk appetite took another knock lower after the US Federal Reserve flagged a possible “mild recession”. The central bank lifted – as expected – its key interest rate by a quarter of a point at its policy meeting and hinted at a possible pause in its tightening cycle.“The equity market has more legs. The Fed hinting a pause is positive for markets. It provides clarity on near term yield expectations,” said Cameron McCormack, portfolio manager at VanEck.
Spot gold gained 0.3 per cent to $US2,044.78 per ounce. It climbed close to an all-time peak of $US2072.49 earlier in the session.Evolution Mining jumped 7.2 per cent to $3.87, WestAfrican Resources added 2.6 per cent to $1.00, Regis Resources added 1.9 per cent to $2.18 and Northern Star Resources advanced 2.5 per cent to $13.89.
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