Australia Shares Muted as Weeks Open

Australian stocks were little changed in early Monday trade, hovering near 8,737 after four straight sessions of losses. The market lingered at its weakest in almost two months last week as cost pressures and expectations of prolonged Reserve Bank tightening weighed on sentiment. Meanwhile, U.S. equity futures dropped sharply as oil prices jumped following weekend strikes on Saudi Arabia and Gulf shipping. Gains in consumer non-durables, energy minerals, and commercial services offset declines in healthcare, manufacturing, and non-energy minerals. Three of the four major banks rose modestly, while energy names Woodside (0.8%) and Santos (0.9%) advanced. On the downside, BHP slipped 1.1%, Goodman Group fell 1%, Evolution Mining dropped 2.5%, and Lynas Rare Earths tumbled 3.3%. Traders now await remarks from RBA’s Sarah Hunter later today and key activity data from top trading partner China this week.