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ASX down 1.5% near noon: Aus shares on course for seventh decline in eight sessions

Australian shares are on course for their seventh decline in eight sessions amid investor preference for higher bond yields and gold due to concerns about persistent inflation. Despite steady US jobless figures and positive economic reports, Federal Reserve members have indicated no immediate need for rate cuts, contributing to the S&P 500’s modest 0.2% drop, marking its longest losing streak since October.

At 11:40am, the S&P/ASX 200 is 1.54 per cent lower at 7,524.20.

The SPI futures are pointing to a fall of 102 points.

Best and worst performers

The best-performing sector is Energy, up 0.25 per cent. The worst-performing sector is Information Technology, down 2.39 per cent.

The best-performing large cap is Evolution Mining (ASX:EVN), trading 3 per cent higher at $4.12. It is followed by shares in Northern Star Resources (ASX:NST) and Santos (ASX:STO).

The worst-performing large cap is WiseTech Global (ASX:WTC), trading 3.41 per cent lower at $87.62. It is followed by shares in Reece (ASX:REH) and Seven Group Holdings (ASX:SVW).

Commodities and the dollar

Gold is trading at US$1782.70 an ounce.

One Australian dollar is buying 63.70 US cents.