By Oliver Gray
Investing.com - The S&P/ASX 200 was lower on Tuesday, retracing gains of 0.36% in the previous session as major mining companies fell on softer iron ore prices while financial stocks traded lower as the RBA released its meeting minutes.
ASX 200 Futures were down 0.12% to 7420.5.
Among stocks, Rio Tinto Ltd (ASX:RIO) was down 1.38%, BHP Billiton Ltd (ASX:BHP) fell 2.27%, Pendal Group Ltd (ASX:PDL) lost 2.85% and Orocobre Ltd (ASX:ORE) was down 1.67%. Financials retreated as Commonwealth Bank Of Australia (ASX:CBA) lost 0.55%, National Australia Bank Ltd (ASX:NAB) fell 0.68% and Australia and New Zealand Banking Group Ltd (ASX:ANZ) dipped 0.32%. technology companies also traded down, with Appen Ltd (ASX:APX) losing 1.7%, Xero Ltd (ASX:XRO) down 1.7%, and Nearmap Ltd (ASX:NEA) dropping 3.87%. Meantime, Woodside Petroleum Ltd (ASX:WPL) added 0.18% after reporting that US investment giant Global Infrastructure Partners signed up for 49% of a new $US5.6 billion gas processing train at Pluto.
In policy news, the RBA is set to release its scheduled meeting minutes after conceding yesterday that booming house prices are exacerbating the inequality gap. RBA assistant governor Luci Ellis noted during a parliamentary inquiry into housing affordability that low-income Australians would be pushed into poverty if purchasing a property becomes unattainable.
On the bond markets, Australia 10-Year rates were at 1.838%, while United States 10-Year rates were at 1.615%.
In New Zealand, the NZX 50 was down 0.16% to 12944.