The ASX 200 slipped to close at 9,067 on Tuesday, extending its decline to a second session as weakness in retail, technology, and commercial services stocks weighed on the market. Caution prevailed ahead of Australia’s Q2 GDP release due Wednesday, with growth expected to remain subdued after the slowest expansion in a year last quarter.
Fresh data also showed a record current account deficit of AUD 27.2 billion in Q2, although the shortfall was narrower than economists had forecast. Losses were partly tempered by a private survey indicating that factory activity in China, Australia’s key trading partner, accelerated in July, with gains in output, new orders, and export sales.
U.S. stock futures inched higher following Monday’s pullback on Wall Street, with major indices still on track to post monthly gains. Domestically, the four major banks edged lower, while REA Group (-4.3%), Wesfarmers (-3.2%), and Woolworths (-2.7%) added to the downside pressure. In contrast, energy stocks outperformed, with Woodside Energy rising 1.1% and Santos advancing 1.8%.
