Australian equities inched higher in early Tuesday trade, hovering near 8,830 after three consecutive sessions of losses. Investors were focused on upcoming May CPI and labor market data, which could influence expectations for the Reserve Bank’s next policy move after it kept interest rates unchanged last week.
In China, Australia’s largest trading partner, the central bank left lending rates unchanged for a 13th straight month despite signs of weakening demand, with both consumption and investment slowing in May. In the U.S., Wall Street finished mostly lower overnight as selling in major technology stocks weighed on sentiment.
On the local market, gains were led by financials, non-energy minerals, and consumer durables, while softness in electronic technology, healthcare, and logistics capped the advance. The four major banks rose between 0.1% and 1%. Among notable movers, BHP Group gained 0.9%, Macquarie Group climbed 1.4%, and Fortescue added 0.8%. Lynas Rare Earths rose 0.5% after China broadened export controls on dual-use materials, underscoring its strategic value as the largest non-Chinese producer of separated rare earths.
