Australian shares steadied in early Tuesday trade, hovering near 9,237 after two sessions of declines. Investors remained cautious ahead of the Reserve Bank’s policy decision later today, with consensus expectations that the cash rate will be held at 4.35% after three hikes this year aimed at cooling inflation amid ongoing global uncertainty.
Markets were also focused on July’s NAB business sentiment survey, following June’s four-month high. Sentiment was pressured by offshore leads, as U.S. futures softened after overnight losses on Wall Street, driven by higher oil prices and weakness in the technology sector.
Locally, logistics, consumer durables, technology, and industrial services underperformed, while energy minerals, non-energy minerals, and healthcare provided support. Among the standout gainers were Santos, up 4.1%, Woodside, up 2.6%, and CSL, up 1.5%.
The major banks largely declined, losing between 0.3% and 0.8%, after Westpac’s earnings disappointed the market. Other notable laggards included SGH Ltd., down 6.7%, CAR Group, down 3.4%, and Qantas Airways, down 2.2%.
