Australian shares slipped 23 points, or 0.3%, to 8,707 in early trade on the first session of June, giving back the previous day’s gains as investors turned cautious ahead of key domestic data due this week, including April trade figures and the Q1 current account and GDP reports. The economy is expected to lose momentum on a quarterly basis amid global headwinds linked to the conflict in the Middle East.
The pullback was partly offset by Friday’s advance on Wall Street, driven by renewed optimism over potential progress toward a peaceful resolution of the Iran conflict. Sector losses were led by consumer non-durables, communications, healthcare, and retail trade, while strength in commercial services and non-energy minerals helped limit the overall decline.
Among individual names, QBE Insurance (-2.0%), Woolworths Group (-1.8%), and Santos Ltd. (-1.2%) were notable underperformers. Traders are also watching May job advertisements, due later today, as well as China’s private manufacturing PMI, a key indicator from Australia’s largest trading partner.
