FX.co ★ Australian Shares Remain at 2-Week Lows

The S&P/ASX 200 dropped by 0.2% to 8,868 on Tuesday, marking its third day in a row of declines and maintaining its position at the lowest in nearly two weeks. This dip was driven by significant declines in major banking stocks, overshadowing strong gains in the mining and gold sectors. Among the "Big Four" banks, Commonwealth Bank experienced a 1.6% drop, NAB decreased by 1.7%, and Westpac slipped by 1.2%. This bearish sentiment among investors was due to growing caution regarding the Reserve Bank of Australia’s meeting minutes and forthcoming unemployment figures, which are anticipated to offer insights into future monetary policy directions. On the upside, the mining sub-index reached a record peak, bolstered by rising iron ore prices and positive economic data, helping to counterbalance renewed US-China trade tensions. Rio Tinto rose by 3.5%, BHP Group increased by 2.2%, and Fortescue Metals went up by 2.3%. In the gold sector, stocks continued their ascent in response to bullion prices surpassing $4,100 per ounce for the first time, driven by safe-haven demand. Northern Star Resources saw a rise of 4.7% and Evolution Mining climbed 4.2%.