Australian Shares Inch Lower
Australian stocks slipped 21 points or 0.2% to 8,762 in early Tuesday trade, snapping two sessions of gains as U.S. stock futures weakened after a mixed Wall Street close overnight. Rising crude oil prices stoked inflation worries ahead of key U.S. CPI data this week. Locally, traders turned cautious ahead of September business confidence later today and upcoming labor market figures in the coming days. In main trading partner China, key data will also be released, including CPI/ PPI and trade performance, adding to the watchlist. Sectoral losses in non-energy minerals, tech, and consumer durables were partly offset by gains in energy minerals, financials, and retail trade. Heavyweights BHP Group slipped 1.6%, along with Fortescue (-2.1%), South32 (-3.3%), and Pro Medicus (-1.6%). In contrast, three of the four big banks managed modest advances.
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S. stock futures weakened after a mixed Wall Street close overnight. S. CPI data this week.
Locally, traders turned cautious ahead of September business confidence later today and upcoming labor market figures in the coming days. In main trading partner China, key data will also be released, including CPI/ PPI and trade performance, adding to the watchlist. Sectoral losses in non-energy minerals, tech, and consumer durables were partly offset by gains in energy minerals, financials, and retail trade. 6%).
In contrast, three of the four big banks managed modest advances.