FX.co ★ Australian Shares Open in the Red

On Monday, the S&P/ASX 200 dropped by 0.5% to 8,910, continuing its decline from the previous week as persistent setbacks in the mining and energy sectors weighed heavily on the index. The energy sector experienced significant losses, with Santos declining by 2.4%, Woodside Energy decreasing by 2.1%, and Origin Energy down by 1.6%. Major mining companies also faced challenges: BHP Group and Fortescue Metals both fell by 1.4%, while Rio Tinto decreased by 0.9%. These sectors grappled with economic pressures in light of the potential imposition of a 100% tariff on China by U.S. President Trump, further exacerbated by investor caution amid an oncoming surge of quarterly production reports from mining and energy firms expected later this week. Conversely, gold stocks performed strongly, with Evolution Mining increasing by 3.8%, Newmont Corporation up by 3.7%, and Northern Star Resources rising by 3.3%. Additionally, investors are intently observing the Reserve Bank of Australia, anticipating insights from forthcoming meeting minutes, speeches from RBA officials, and important labor market data due in the upcoming days.