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News: XGD Australian shares dragged by mining, gold firms; U.S. inflation in focus

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    May 11 (Reuters) - Australian shares fell for a fourth straight day on Wednesday, with mining and gold stocks leading the declines, as caution around U.S. inflation data amid risks of sharp interest-rate hikes and a global recession weighed on equities.

    The S&P/ASX 200 index (xjo) slid 0.5% to 7,018.80 by 0035 GMT, after having ended 1% lower on Tuesday.

    Markets have been volatile across asset classes as a combination of surging inflation and fears that monetary tightening aimed to tame inflation would slow down global economic growth.

    In Asia, Japan's Nikkei .N225 shed 0.36% and S&P 500 E-minis futures EScv1 were up just 0.06%.

    Domestic gold stocks .AXGD dropped 2% and marked a fourth consecutive losing session.

    Sector major Newcrest Mining (NCM) fell 2.4%. Bullion prices fell overnight as the dollar resumed strengthening and cautious investors shifted focus to the U.S. inflation data due later in the day.

    Miners .AXMM , too, were down for a fourth straight session as they tracked iron ore and base metal prices lower, to slump 1.4%.

    Sector heavyweights BHP Group (BHP) and Rio Tinto (RIO) declined 1.2% and 0.2% respectively.

    Iron ore prices fell on Tuesday as the demand outlook was pressured by COVID-19 lockdowns in China.

    Energy stocks .AXEJ retreated 0.7% as oil prices slumped, while financials .AXFJ lost 0.5%.

    Bucking the trend, healthcare stocks .AXHJ rose 1% and were the only gainers on the benchmark.

    Agribusiness firm Graincorp Ltd (GNC) fell 2.6% amid a weak broader market, even as it reported around five-fold jump in first-half profit.

    In New Zealand, the benchmark S&P/NZX 50 index (nz50) was up 0.2% at 11,256.12.

 
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