ASX slides as gold miners drop on hot US inflation

The Australian sharemarket fell in early trade Wednesday, tracking Wall Street losses after US inflation came in worse than expected, raising concerns about further interest rate hikes. The S&P/ASX 200 dropped 0.2 per cent to 9110.10. Gold miners led the decline, with Northern Star down 3 per cent and Newmont falling 3.2 per cent, as bullion slid below $US4030 an ounce on expectations the Federal Reserve will raise rates. Mining heavyweights BHP and Rio Tinto also fell, though bank stocks rose, with Commonwealth Bank up 1 per cent on an 8 per cent profit climb. US inflation data showed Americans paid more for groceries and electricity than forecast, prompting Fed Governor Christopher Waller to suggest a half-point rate hike may be needed. The 10-year Treasury yield jumped to 4.99 per cent, while Nvidia fell 5.5 per cent amid an investigation into its CEO.