Australian shares fell on Wednesday, dragged by mining stocks as iron ore prices softened, while corporate earnings reports and the country’s January inflation data stayed in focus.
The S&P/ASX 200 index fell 0.3% to 8,226.7, as of 0043 GMT.
The benchmark fell 0.7% on Tuesday.
Data showed earlier in the day that annual growth in Australian consumer prices held steady in January, as a rise in electricity costs was offset by a slowdown in the important housing sector, an outcome that should reassure policymakers that inflation is heading in the right direction.
Mining stocks fell 1.3% in their third straight session of losses, as Chinese iron ore futures on the Dalian Commodity Exchange fell 0.5%.
Sector heavyweights BHP Group fell 0.8%, while Fortescue and Rio Tinto dropped 4.1% and 1.7%, respectively.
Gold stocks declined 1.6%, as underlying bullion prices hit a one-week low.
Consumer staples retreated 0.7%, with the country’s top supermarket chain Woolworths Group falling 1.5% after reporting lower-than-expected half-year underlying profit.
Bucking the trend, energy stocks gained 0.9%. US West Texas Intermediate (WTI) crude gained 0.23% to $69.09 per barrel.
Among individual stocks, Kelsian Group dropped more than 18% after the tourism operator posted lower first-half profit.
It was the worst performer on the benchmark.
Australian shares post worst week in 2-1/2 years
SiteMinder dropped nearly 10% after the hotel commerce platform reported weaker-than-expected results.
Meanwhile, engineering firm Worley and auto parts firm Bapcor jumped 9.7% and 16%, respectively, after reporting upbeat earnings.
Overnight, the US Dow Jones Industrial Average rose 0.37%, the S&P 500 lost 0.47% and Nasdaq lost 1.35%.
Japan’s Nikkei was down 0.97%.
In New Zealand, the benchmark S&P/NZX 50 index rose 1% to 12,432.79.
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