ASX 200 gives up Monday gains, ends August up 1.1%
The ASX 200 slipped 16 points, or 0.2%, to 9,076 on Monday. The index posted a fifth straight monthly gain, up 1.1% in August, despite U.S. futures weakness after oil rose and Fed Chair Warsh’s remarks.
The ASX 200 slipped 16 points or 0.2% to end at 9,076 on Monday, the final trading day of August, reversing prior gains as U.S. stock futures fell after oil prices spiked on fresh U.S. strikes against Iranian rocket launchers near the Strait of Hormuz.
Hawkish remarks from Fed Chair Warsh added to rate-hike jitters.
Locally, Australia's private sector credit rose 0.6% in July, the weakest in five months.
Meanwhile, services activity in top trading partner China stayed soft in July despite a rebound in manufacturing output.
Losses in tech, non-energy minerals, and consumer names offset strength in communications and financials.
Heavyweights BHP and Rio Tinto fell over 2%, while Northern Star Resources and Evolution Mining slid 5.2% each.
Star Entertainment lost 3.9% despite narrowing its annual loss.
In contrast, the big four banks rallied.
The index logged its fifth straight monthly gain, up 1.1%, lifted by bargain hunting.
Traders now eye Q2 GDP and July trade data later this week.