Australian shares halted a three-day rally on Thursday, as uncertainties surrounding US President Donald Trump’s tariff plans weighed on commodity prices and mining stocks, while investors awaited crucial inflation data next week.
The S&P/ASX 200 index declined 0.4% to 8,399.3, as of 2335 GMT.
The benchmark rose 0.3% on Wednesday.
Domestic miners, which occupy nearly a quarter of the Australian index, shed 1%, as iron ore prices declined on concerns that Trump could impose higher tariffs on imports from top consumer China.
Sector giants BHP and Rio Tinto tumbled 1.1% and 0.8%, respectively.
Fortescue slipped 1.7% after the miner reported lower realized prices in the second quarter. Real estate stocks dipped 1.2%, with the country’s largest-listed property developer Goodman Group slumping 2.3%.
Locally, investors are on the lookout for key inflation data due on Jan. 29 that would provide cues on the Reserve Bank of Australia’s stance on interest rate cuts.
Heavyweight banking stocks fell 0.3%, with all “big four” banks losing between 0.1% and 0.5%.
Banks, miners lift Australian shares; BHP gains on higher Q2 output
Energy stocks were largely flat after dipping as much as 1% in early trade, as oil prices fell for a fifth consecutive day.
Sector major Woodside Energy declined 0.8%.
Ampol shed 3%, after reporting a 56% drop in its refinery margin.
Santos, however, rose 0.6% after forecasting higher production for 2025.
Technology stocks gained in tandem with their Wall Street peers, up 0.8%, with accounting software maker Xero advancing 1.3%.
Among individual stocks, Insignia Financial rose as much as 2.7% to hit a three-year high after Bain Capital matched CC Capital’s bid for the money manager, valuing it at $1.92 billion.
In New Zealand, the benchmark S&P/NZX 50 index rose 0.2% to 13,060.11.
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