ASX down 0.47% near noon: Materials down 1.11%

Australian shares opened lower following a previous day's rally, and at 11:30am, the S&P/ASX 200 is 0.47 per cent lower at 7,792.60. The drop was led by weakness in the materials sector due to a decline in iron ore prices, despite US stocks closing higher. Federal Reserve Chairman Jerome Powell's testimony suggesting a potential rate adjustment in September influenced market sentiment. Meanwhile, local attention shifted to the Reserve Bank of New Zealand's upcoming policy decision, with expectations centered on inflation concerns amid economic softness.

The SPI futures are pointing to a fall of 39 points.