Australian shares edged lower on Tuesday, dragged down by losses in gold and technology stocks, as traders awaited minutes of the central bank’s last policy meeting to assess the trajectory of interest rate hikes.
The S&P/ASX 200 index was down 0.2% at 7,255.4, as of 0053 GMT, after closing 0.1% higher on Monday.
The Reserve Bank of Australia is due to publish the minutes of its May decision later in the day.
Currently, markets have priced in an 87% chance of a pause in June, while seeing a higher risk of a move in August or September.
Globally, investors digested US manufacturing data that raised concerns about a slowing economy while keeping an eye on the ongoing debt ceiling negotiations.
In Sydney, mining stocks advanced 0.4% on strong underlying iron ore prices. Sector-heavyweights BHP Group and Rio Tinto gained 0.6% and 0.5%, respectively.
Heavyweight financial stocks rose 0.3%, with the so called “big four” banks trading in positive territory. Energy stocks climbed 0.4% after oil prices rose overnight. Sector major Santos Ltd gained 0.3%.
Gold stocks slid 0.9% despite a rise in bullion prices. Gold miners Northern Star Resources and Newcrest Mining lost 1.0% and 0.8%, respectively. Tech stocks slid more than 1%, with Xero Ltd down 1.5%.
Among individual stocks, Australian Strategic Materials Ltd rose 5.4% after the company signed an agreement to sell neodymium iron boron alloy from its Korean metals plant to US-based rare-earth magnet maker Noveon Magnetics Inc.
Australian shares slip as financials, tech stocks weigh
James Hardie Industries rose 7.3% to become the top gainer on the benchmark index after it forecast a higher profit for the first quarter of fiscal year 2024.
New Zealand’s benchmark S&P/NZX 50 index retreated 0.1% 11,926.01.
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