Australian shares edged 21 points lower, or 0.2%, to 8,762 in early trade on Tuesday, ending a two-session winning streak as softer U.S. stock futures followed a mixed close on Wall Street. A rebound in crude oil prices intensified inflation worries ahead of key U.S. CPI data and the kickoff of earnings season.
On the domestic front, investors turned more cautious ahead of September business confidence figures due later today and labor market data scheduled for release in the coming days. Markets also focused on China, Australia’s largest trading partner, with upcoming CPI, PPI, and trade data expected to provide further insight into the strength of its economic recovery.
Sector losses in non-energy minerals, technology, and consumer durables outweighed gains in energy minerals, financials, and retail trade. Among major miners, BHP Group slipped 1.6%, Fortescue declined 2.1%, and South32 retreated 3.3%. Healthcare technology firm Pro Medicus also fell 1.6%. Offsetting some of the weakness, three of Australia’s four major banks posted modest gains, helping to contain broader market declines.
