The S&P/ASX 200 fell 45.5 points, or 0.6%, to 7,160.8 after the first hour of trading on Tuesday, extending the 0.5% drop in the previous session as those Market participants await the Reserve Bank of Australia interest rate decision to be announced later in the session amid expectations of a 25 or 40 basis point increase.
ASX 200 futures fell 0.7%.
Among stocks, the consumer sector led the decline, down 0.9% with JB Hi-Fi Ltd (ASX: JBH ) down 0.3%, Crown Ltd (ASX: CWN ) down 1.3%, Domino's Pizza Enterprises Ltd (ASX: DMP ) fell 0.3% and Wesfarmers Ltd (ASX: WES ) fell 1.9%.
Real estate firms fell 1.1% with Goodman Group (ASX: GMG ) down 1.2%, Charter Hall Group (ASX: CHC ) down 1.1%, Mirvac Group (ASX: MGR ) down 0.7 % and Scentre Group Ltd (ASX: SCG ) fell 1.3%.
The financial sector fell 0.8% with Macquarie Group Ltd (ASX: MQG ) down 1.2%, Australia and New Zealand Banking Group Ltd (ASX: ANZ ) down 0.7%, National Australia Bank Ltd (ASX: NAB ) down 1.5%, Commonwealth Bank Of Australia (ASX: CBA ) down 1.2% and Westpac Banking Corp (ASX: WBC ) down 1%.
The energy sector fell 0.6% as Santos Ltd (ASX: STO ) lost 1.1%, Beach Energy Ltd (ASX: BPT ) lost 0.5%, Viva Energy Group Ltd (ASX: VEA ) lost 0.2% while Woodside Energy Ltd (ASX: WDS ) fell 0.1%.
On the data front, AIG's services sector index fell to 49.2 in May from 57.8 the previous month after falling for the first time in six months. In addition to rate decisions and RBA announcements , traders will keep an eye on building approval data and {{ ecl-1504 data || private home construction approval data}}.
In the bond market, the Australian 10-year yield is higher at 3.52% while the 10-year US yield is at 3.05%.
In New Zealand, the NZX 50 lost 1.2% to 11,293.
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