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Australian shares closed lower on Thursday, led by mining stocks, as the mood in Asian markets was subdued after minutes from the Federal Reserve meeting hinted that the U.S. central bank would stick to rate hikes in coming months.

The S&P/ASX 200 index ended 0.7% lower at 7,105.90. The benchmark closed 0.4% higher on Wednesday.

Despite the sombre mood, technology stocks took positive cues from Wall Street’s strong finish and gained 1%.

Software maker Appen Ltd jumped 29.2% to top the benchmark index after receiving a A$1.2 billion ($830 million) buyout approach from Canada’s Telus International.

Leading losses, Australian mining stocks snapped their four-day winning streak and dropped 1.1% after iron ore futures slumped on slowdown fears for China’s economy.

Sector majors BHP Group and Rio Tinto fell 0.9% and 1.1%, respectively.

“We have held up pretty well through all the U.S. volatility and think there is some profit-taking in resources today,” said Henry Jennings, senior analyst, Marcustoday Financial Newsletter.

Financial stocks fell 0.4% with three of the “Big Four” banks losing between 0.3% and 0.7%.

Australia shares rise; New Zealand falls as central bank hikes rate

Westpac Banking Corp traded flat after the lender said it would sell one of its financial advisory businesses to pension fund Mercer Australia.

Gold and energy stocks slumped 2.6% and 0.9%, respectively.

Qantas Airways rose 1.1% after the flag carrier signalled changes to domestic capacity and fares to counter surging fuel prices, saying it expects strong demand for air travel.

U.S. Fed hiked its benchmark overnight interest rate by 50-basis-point - the first of that size in more than 20 years, with most participants in the meeting backing further hikes.

Following Wednesday’s rate hike, Reserve Bank of New Zealand Governor Adrian Orr said that going early and fast remains the best path for achieving its primary inflation and employment objectives.

The Reserve Bank of Australia could raise rates again next month, but will be far less hawkish than the Fed or RBNZ, Marcustoday’s Jennings said.

New Zealand’s benchmark S&P/NZX 50 index closed 0.6% lower at 11,102.84.

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