SYDNEY, AAP – A rush to buy Fortescue Metals and other materials stocks has not prevented the biggest slide in more than a week on the ASX.

Fortescue shares on Thursday had their biggest gain of the year, 8.19 per cent, as investors tip Chinese lawmakers to ease credit conditions for a struggling property market.

Most share categories were lower after global investors worried about the biggest annual gain in US inflation in 31 years.

The benchmark S&P/ASX200 index closed lower by 42 points, or 0.57 per cent, to 7381.9.

The All Ordinaries closed down 36.2 points, or 0.47 per cent, to 7701.2.

The Australian dollar was buying 73.04 US cents at 1619 AEDT, lower from 73.58 cents at Wednesday’s close.