Australian shares slide 0.4% on September open, banks mixed

Australian stocks slipped 6 points, or 0.4%, to 9,040 on Tuesday morning, the first trading day of September, extending prior losses after Wall Street closed lower overnight as rising oil prices and U.S.—Iran clashes pushed Treasury yields toward 4.7%, weighing on equities.

Caution lingered ahead of Q2 GDP data due Wednesday, with growth expected to remain sluggish after the weakest pace in a year last quarter.

Several releases are slated today, including July flash building permits, Q2 current account, and August commodity prices, while China’s private manufacturing PMI will follow later.

Losses were led by retail trade, commercial services, and transport, though gains in energy minerals and consumer durables helped cap the decline.

Three of the four big banks eased modestly, while notable laggards included REA Group (-4.4%), Westfarmers Ltd. (-3.2%), Woolworths (-2.5%), and Fortescue (-2.2%).

In contrast, Woodside Energy rose 1.1%, and Santos gained 1.5%.