Aussie shares flat as US rates outlook hits miners

Résumé détaillé

Heavy mining stocks are hampering the ASX's recent rebound after a shift in US interest rate expectations and a stronger greenback hit metals prices.

Australian shares are trading flat, with a recent rally losing momentum after a spike in US inflation dimmed the outlook for global borrowing costs.

The S&P/ASX200 fell 7.6 points by midday on Wednesday, down 0.08 per cent, to 9121.4, as the broader All Ordinaries slipped 10.5 points, or 0.13 per cent, to 9256.

Higher-than-expected US inflation and hawkish commentary from Federal Reserve officials have markets bracing for higher interest rates from the world's most important central bank, sending the greenback higher.

"The data release saw a jump in US rate hike expectations, a spike in US Treasury yields, a tumble in precious metals, a lift in the US Dollar, and a pullback in US stocks," Capital.com senior market analyst Kyle Rodda said.

Ten of 11 local sectors were inching higher in early trade, but a one per cent slump in raw materials counterbalanced the modest advances elsewhere.

Gold stocks weighed particularly heavily as the precious metal eased to $US4039 an ounce after the US rates outlook dulled the lustre of non-yielding assets.

Silver also wiped the previous two sessions of gains to trade at $US51.40 an ounce.

Mega miners BHP, Rio Tinto and Fortescue were also in the red as copper prices and iron ore futures walked back some of their recent gains.

Financials provided some support, up 0.3 per cent as three of the big four banks improved and NAB continued to underperform as it slumped to $38.90 per share.

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