Australian shares edged lower on Monday, as losses in commodity stocks slightly overshadowed the gains in banking and technology stocks, while investors awaited domestic consumer price data.
The S&P/ASX 200 index fell 0.1% to 7785.4 as of 0035 GMT.
The benchmark rose 0.3% on Friday.
Commodity prices declined, after iron ore prices posted a fourth consecutive weekly loss amid talks of a cap on crude steel output in top consumer China, while oil prices retreated on worries that global oil demand growth could be hit by a strong US dollar.
A strong dollar also weighed on gold prices on Friday. Mining stocks retreated 0.3%, with BHP Group trading flat and Rio Tinto falling 0.2%.
Energy stocks fell 1.1%, while gold stocks retreated more than 2%.
The market is now focussed on the May consumer price data, due on Wednesday, to gauge the Reserve Bank of Australia’s (RBA) monetary policy path ahead.
The central bank emphasised the need to be vigilant on inflation in its last policy meeting, causing investors to push back their interest rate cut expectations to later this year. Rate-sensitive financial stocks climbed 0.2%, with three of the ‘Big Four’ banks posting gains.
ANZ Group fell 0.2%.
Technology stocks advanced as much as 1.2% to hit a one-week high.
Star Entertainment fell up to 7.1% to hit their lowest level since early June, after the casino operator flagged lower earnings for FY24 and appointed an interim CEO.
Premier Investments rose 4.4% to hit a nearly 12-week high, after Myer Holdings offered to acquire its apparel brands business through an all-scrip merger.
Myer shares were up as much as 20.2% and touched a two-month high.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index was largely unchanged at 11,682.22.
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