Australian shares slipped 35 points, or 0.4%, to 8,773 in early trade on Tuesday, following a subdued session the day before. Sentiment was pressured by weaker U.S. futures after Wall Street’s overnight pullback, which was sparked by President Donald Trump’s pledge to reinstate a blockade on Iranian shipping through the Strait of Hormuz.
Investors also adopted a cautious stance ahead of China’s June trade data, due later today, after strong export and import growth in May from Australia’s key trading partner. Domestically, consumer confidence showed some improvement in July but the index remains historically fragile and vulnerable to global headwinds.
Sector-wise, selling in electronic technology, healthcare, logistics, and financials weighed on the market, while gains in energy minerals, commercial services, and communications helped limit overall losses. The four major banks fell between 0.7% and 1.6%. Among individual names, Caricorn Metals declined 3.6%, Nextdc Ltd. lost 2.8%, Greatland Resources slipped 2.5%, and Perseus Mining retreated 1.6%.
