Australian shares retreated for a second straight session on Tuesday, with the ASX 200 slipping 40 points, or 0.4%, to 8,791 in morning trade. Losses were broad-based, spanning non-energy minerals, electronic technology, energy, and consumer stocks, as investors adopted a cautious stance ahead of key June CPI and PPI releases from China, Australia’s largest trading partner, later this week.
On the domestic front, labour demand softened in June, with job advertisements edging lower amid the drag from elevated borrowing costs, a cooling housing market, and ongoing geopolitical uncertainty. The downside, however, was partly cushioned by a further moderation in the Melbourne Institute’s inflation gauge, even as the Reserve Bank has indicated that underlying price pressures may strengthen in the June quarter.
In the US, Wall Street futures were mixed, following Monday’s gains that extended last week’s positive momentum. Among local underperformers, Evolution Mining declined 3.2%, Northern Star Resources fell 2.9%, Brambles Ltd. lost 2.3%, and Woodside Energy slipped 1.0%. Two of the big four banks also edged lower.
