Australian shares slipped 45 points, or 0.5%, to 8,647 in Tuesday morning trade, snapping a three-session winning streak and retreating from a two-week high. Investors locked in profits amid caution ahead of domestic CPI data due later this week. The resurgence of inflationary pressures since mid-last year has already led the central bank to deliver three interest rate hikes this year. In March, inflation rose to its highest level since September 2023, partly driven by surging fuel costs.
Losses were limited, however, by a rally in U.S. stock futures, underpinned by hopes of progress in U.S.-Iran peace talks. On the local market, financials, consumer non-durables, and process industries weighed on the ASX 200, with notable declines in Goodman Group (-3.6%), Genesis Minerals (-1.7%), and Ampol Ltd. (-1.2%).
ASX Ltd. slumped 9.1% after flagging that it expects total expenses to increase by 18% to 21% in FY 2027, driven by higher technology spending, regulatory remediation, and growth investments. The four major banks also retreated, falling between 0.8% and 1.8%.
