Australian shares fell in lacklustre trade on Tuesday, weighed down by mining and consumer staples stocks, while investors were cautious ahead of local economic data that could drive the country’s monetary policy forward.
The S&P/ASX 200 index fell 0.4% to 8,078.5 by 0110 GMT.
The benchmark rose 0.3% on Monday. Trading was thin across the region, as markets in the United States were closed on Monday for a public holiday.
Market participants will await Australia’s second-quarter gross domestic product (GDP) report on Wednesday, which is expected to show a 1% annual growth rate, according to LSEG data.
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Additionally, global investors will await a key US labour report later during the week which will dictate the Federal Reserve’s monetary policy stance.
In Sydney, heavyweight miners continued to be under pressure, dipping as much as 0.5% after iron ore prices took a hit in top steel producer China.
Mining giants Rio Tinto and BHP Group fell 0.4% and 0.3%, respectively.
Discretionary consumer stocks slumped as much as 1.9% to hit their lowest since mid-August, with retail giants Woolworths and Coles trading 3.5% and 2.0% lower.
Australian shares fall as commodities drag; GDP data in focus
Energy stocks fell 0.2%, while healthcare stocks slipped 0.6%.
Brent crude futures fell 0.31% to $77.28 a barrel while US West Texas Intermediate (WTI) crude gained 0.58% to $73.98 per barrel.
On Friday, the US Dow Jones Industrial Average rose 228.03 points, or 0.55%, at 41,563.08 points on Monday.
The S&P 500 gained 56.44 points, or 1.01% while Nasdaq gained 197.19 points, or 1.13%.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index fell 0.1% to 12,356.08 on Tuesday.
Source: Brecorder
