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Australian shares fell on Thursday, with mining and financial stocks leading the retreat from the previous session’s record closing high, after the US Federal Reserve held interest rates steady and dashed hopes for rate cuts as soon as March.

The S&P/ASX 200 index fell 1% to 7,603.20 by 0040 GMT in broad-based selling, after an eight-session winning streak.

The Fed said interest rate cuts would not be appropriate until there was greater confidence that inflation was moving towards the central bank’s 2% target.

In Australia, a sharp deceleration in core inflation in the fourth quarter prompted markets to bring forward bets of rate cuts by the Reserve Bank of Australia.

The Australian central bank will deliver its first policy decision of the year on Feb. 6.

In Sydney, mining stocks dropped as much as 1.2% after iron ore futures fell overnight on weak China data and concerns over the property sector in the world’s second-largest economy.

Heavyweight miners BHP Group, Rio Tinto and Fortescue lost between 0.5% and 0.7%.

Energy stocks fell much as 1.5% after oil prices fell on low economic activity in leading crude importer China and a surprise build in US crude inventories.

Australian shares extend gains for eighth day; inflation slows sharply

Financials dropped as much as 1.2%, with the “Big Four” banks down between 0.5% and 1.6%.

Tech stocks fell as much as 1.8%, tracking their Wall Street peers.

Tech major Xero declined as much as 2% to hit its lowest since Jan. 18.

Gold stocks dropped 1.6% on weak bullion prices.

In company news, Origin Energy announced the retirement of its Chief Financial Officer Lawrie Tremaine. Shares of the power retailer fell 2%.

In New Zealand, the benchmark S&P/NZX 50 index fell 0.4% to 11,830.90.

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