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Australian shares were flattish on Friday, weighed down by weak performances in mining and energy stocks, while global investors digested US inflation print that lifted the view that the Federal Reserve is at the end of its rate-hike cycle.

The S&P/ASX 200 index held its ground at 7,384.2 points by 0030 GMT.

The benchmark ended 0.3% higher at 7,357.4 points on Thursday.

Sentiments globally have been influenced by the US consumer prices, which gained 0.2% last month, the Labor Department said, lifting the annualized rate less than expected to 3.2% from 3% in June.

Economists polled by Reuters expected headline CPI to rise a bit faster at 3.3%. But investors remained cautious as another CPI report and jobs data await Fed policymakers before their next meeting in September.

On the local bourse, Australian mining stocks fell 0.8% to lead losses, as a weak steel market and lingering woes over steel production cuts dented iron ore prices.

Sector heavyweight BHP Group, Rio Tinto and Fortescue fell between 1.3% and 1.1%.

Energy stocks toppled 1.4%, with sector heavyweight Woodside Energy and Santos trade in negative territory. Capping the losses, gold stocks rose 0.4%.

Australian shares close little changed as key inflation readings eyed

However, sector giant Newcrest Mining fell 0.4% after reporting lower annual profit.

Financials and tech stocks advanced 0.4% and 0.3%, respectively.

Among individual stocks, Star Entertainment said it had reached an agreement with the New South Wales Treasurer to amend the state’s casino duty rates, keeping shares on track for their best day since April 2005.

New Zealand’s benchmark S&P/NZX 50 index was flat at 11,809.56 points.

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