[Morningstar with AAP]: Investors lost most of their gains from the week as the ASX stalls on concerns rate hikes could come sooner than planned.

A big full-year profit from ANZ Bank helped bank stocks on Thursday but most of the market was down.

The ASX200 has barely moved since last week when it closed higher than 7400 points for the first time since September 17.

Tribeca Investment Partners portfolio manager Jun Bei Liu said US third-quarter earnings and Australian annual meeting reports had positive feedback, but something else was afoot.

"Globally, there may be interest rate hikes coming," she said.

Inflation is surging as economies rebound from the coronavirus pandemic. Analysts have tipped the Bank of England to raise rates this year, and the Bank of Canada has brought forward the possibility to April next year.

Many economists tipped an earlier rate rise for Australia after Wednesday's inflation data, claiming a rate hike could happen in 2023 rather than the Reserve Bank's 2024 forecast.

Ms Liu was not sure the Reserve Bank would change its forecast on Tuesday.

"Domestically, not much has changed," she said.

"We are still significantly below normalised rates of interest."

There will be plenty of economic data and stock discussions before the monetary policy decision.

US third-quarter economic growth figures are due in the next 24 hours.

On the ASX, companies having annual general meetings will include Carsales.com and Sky City Entertainment.

In the latest session, ANZ Bank's net profit improved 72 per cent on a year ago and impressed investors.

A strong lending market and reversal of money put aside for potential COVID-related losses helped the figures.

Final dividend was 72 cents per share, more than 35 cent per share at the same time last year.

Shares were up 0.74 per cent to $28.60.

The banks were all higher. Westpac fared best and improved by a little more than one per cent.

Lower commodity prices and a poor US lead contributed to a lacklustre day for most of the market.

Energy shares fell most steeply while most of the big miners also dipped as the iron ore price ticked lower.

The benchmark S&P/ASX200 index closed lower by 18.3 points, or 0.25 per cent, to 7430.4.

The All Ordinaries closed down 18.3 points, or 0.24 per cent, to 7739.7.

Boral shares rose after its boss Zlatko Todorcevski said coronavirus-related costs of $33 million in the first quarter were less than the $50 million hit that had been expected.

He did not expect the full-year costs to pass this figure.

Shares were up about four and a half per cent to $6.61.

JB Hi-Fi revealed sales fell during the first quarter due to lockdowns.

However, boss Terry Smart said demand remained strong and the reopening of stores in NSW was helping.

Share were up 3.28 per cent to $48.43.

Fortescue was best of the big miners after record iron ore exports for a first quarter.

The forecast for full-year exports was unchanged.

Shares were up 0.14 per cent to $14.02.

BHP and Rio Tinto lost more than one per cent each.

The Australian dollar was buying 75.09 US cents at 1722 AEDT, lower from 75.20 cents at Wednesday's close.

ON THE ASX

The benchmark S&P/ASX200 index closed lower by 18.3 points, or 0.25 per cent, to 7430.4 on Thursday.

The All Ordinaries closed down 18.3 points, or 0.24 per cent, to 7739.7.

At 1722 AEDT, the SPI200 futures index was down five points, or 0.07 per cent, at 7399 points.

The NZX 50 Lost -49.27 points (-0.38%) to 12,970.99 while the Nikkei dropped -278.15 points (-0.97%) at the time of writing, to be closed at 28,820.09

Companies Holding Annual General Meeting (ASX 300):

Australian Ethical Investment Limited

Data3 Limited

Reece Limited

The Star Entertainment Group Limited

Companies commencing Ex-Dividend Trading Today (ASX 300):

Bank of Queensland Limited