Australian shares were little changed in Wednesday morning trade, hovering around 8,789 after four consecutive sessions of losses and holding near their lowest level in more than a week. Investors remained cautious ahead of May CPI figures due later today, with forecasts pointing to a pickup in annual inflation from April’s 4.2% but a rare month-on-month decline, which would be the first in nine months. Labor market data scheduled for release on Thursday further tempered risk appetite.
U.S. equity futures were also subdued after a sharp selloff in technology and semiconductor stocks dragged Wall Street lower overnight. On the local market, gains in technology services, consumer, healthcare, and commercial stocks helped offset weakness in both energy and non-energy mineral names.
Among early movers, Lynas Rare Earths advanced 2.5%, CSL Ltd. climbed 2.3%, and Aristocrat Leisure rose 1.5%. Two of the four major banks also posted modest gains. On the downside, Genesis Minerals fell 3.6%, Greatland Resources lost 3.5%, Insurance Australia Group declined 2.2%, and Perseus Mining slipped 1.4%.
