Australian shares fell on Tuesday after three straight sessions of gains, dragged by index heavyweights mining and financials stocks, while investors awaited August retail sales data for further cues about the interest rate outlook.
The S&P/ASX 200 index had declined 0.5% to 8,230.7 by 0036 GMT after posting a record closing high in the previous session. The benchmark gained 2.2% in September.
Miners retreated 2% after a five-session winning streak, as copper prices fell overnight on profit-booking.
The sub-index gained about 12% in September in its best month in nearly two years, buoyed by China’s stimulus measures to support its economy.
China is Australia’s top export market. Sector giant BHP Group lost 1.7% on Tuesday, while Rio Tinto fell 1.6%.
Rate-sensitive financials fell 0.4%, hitting their lowest level since Aug. 29.
The “Big Four” banks declined between 0.5% and 1.5%.
Market participants were waiting for the August retail sales report due later in the day for more cues on when the Reserve Bank of Australia (RBA) will start cutting interest rates.
The RBA has kept its interest rate unchanged at a 12-year high of 4.35% since late 2023.
Australian shares hit record high as mining and energy stocks gain
Among individual stocks, REA Group rose as much as 4.6% to hit its highest level since Sept. 2, after the property listing firm ended its month-long pursuit of British real estate portal Rightmove.
Qantas Airways, Australia’s No. 1 carrier, fell as much as 4.3% and was on track for its worst day since Aug. 5.
The stock was one of the top losers in the benchmark index. Qatar Airways will buy a 25% stake in Virgin Australia, the country’s No. 2 airline, as the Gulf carrier looks for access into Australian routes that the government denied last year.
In New Zealand, the benchmark S&P/NZX 50 index traded flat as of 0036 GMT.
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