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6 years ago

Australian shares edge lower

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Australian shares edged lower on Thursday following a soft lead from Wall Street as rising US Treasury yields and the prospects of higher global interest rates kept investors on edge.

Material stocks dented the benchmark, tracking a downturn in global commodity prices, while financials rose on strong earnings and helped contain the broad market losses, reports Reuters.

The S&P/ASX 200 index fell 0.2 per cent or 10.2 points to 5,866.70 by 0046 GMT. The benchmark rose 0.8 per cent on Wednesday.

Commodity linked stocks were the biggest drags on the index, with the Australian metals and mining index shedding about 2.0 per cent, led by mining stalwarts BHP Billiton and Rio Tinto.

Copper prices slid nearly three per cent amid market volatility, while gold prices lost out to a stronger dollar.

Oil prices were at a one-month low as US crude inventories rose, fuelling worries of a price drop from extended supply.

Rio Tinto slid nearly 3.0 per cent despite a record dividend payout for 2017.

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