Australian shares fell 55 points, or 0.6%, to 8,956 in early Tuesday trade, extending weakness from Monday’s subdued session. Sentiment was weighed down by a sharp decline in U.S. futures as Wall Street prepared for a shortened trading week amid the ongoing Middle East conflict and escalating trade tensions between Canada and the U.S.
On the domestic front, consumer confidence declined in September for the first time since June, pressured by higher fuel prices and renewed concerns over potential interest rate increases. Caution also intensified ahead of China’s August trade data, due later in the day.
Sector losses were led by technology services, financials, retail, and transport, though gains in non-energy minerals and consumer durables helped limit the overall decline. Among major names, the big four banks dropped between 0.7% and 1.4%, while BHP Group (-0.6%), Fortescue (-1.6%), and Bluescope Steel (-5.5%) underperformed. In contrast, Greatland Resources climbed 1.1%, and AMP Ltd. advanced 0.6%.
