Banks, miners, energy stocks lead losses
"Big Four" banks down between 0.1% and 0.7%
US PPI, Australia's Federal Budget due later today; US CPIdue on Wednesday
(Updates to close)
Australian shares declined on Tuesday, pulled down by banks and miners as investors braced for crucial U.S. inflation data this week, while awaiting the country's federal budget due later in the day.
The S&P/ASX 200 index (xjo) closed down 0.3% at 7,726.80, following a flat close on Monday.
Globally, market participants took a cautious stance ahead of the U.S. Producer Price Index (PPI) due later in the day and the consumer price index (CPI) due on Wednesday, for clues on the Federal Reserve's rate-cut strategy.
"Investors are taking some risk off the table ahead of some key events this week, most notably the upcoming U.S. inflation figures," said Tim Waterer, chief market analyst at KCM Trade.
"The PPI and CPI data this week could shift the needle with regards to the FOMC rate cutting timeline."
Australia's Federal Treasurer Jim Chalmers will deliver this year's annual budget, with investors keeping a tab for any details on tax cuts and cost of living measures, which could push the shares higher, added Waterer.
The budget is expected to be delivered at 0930 GMT.
Mining stocks .AXMM lost 0.4% with a 0.2% loss in BHP Group (BHP) and 1% decline in Rio Tinto (RIO) weighing on the sub-index.
Rate-sensitive financials .AXFJ shed 0.3% with the "Big Four" banks down between 0.1% and 0.7%.
Energy stocks .AXEJ also contributed to the benchmark's fall with a 0.7% drop. Woodside Energy (WDS) lost 0.7% while Santos (STO) fell 0.8%.
Real estate stocks .AXRE and information technology stocks also ended 0.9% and 0.8% lower respectively.
Bucking the trend, health stocks .AXHJ gained 0.2%. New Zealand's benchmark S&P/NZX 50 index (nz50) closed 0.3% lower to finish the session at 11,618.09.
- Forums
- ASX - By Stock
- News: XEJ Australian shares fall as banks, miners weigh; US inflation, domestic budget eyed
Banks, miners, energy stocks lead losses "Big Four" banks down...
Featured News
Add XEJ (ASX) to my watchlist
|
|||||
Last
9,542.7 |
Change
218.500(2.34%) |
Mkt cap ! n/a |
Open | High | Low |
9,324.2 | 9,658.9 | 9,324.2 |
Featured News
XEJ (ASX) Chart |
The Watchlist
SBW
SHEKEL BRAINWEIGH LTD
Dani Nadri, Country Manager Australia
Dani Nadri
Country Manager Australia
SPONSORED BY The Market Online