Australian shares were broadly steady on Wednesday morning, hovering near 8,910 after Tuesday’s sharp drop to a six-week low. Bargain hunting in non-energy minerals, energy stocks, and technology names helped counter weakness in healthcare, commercial services, and financials. Overall sentiment remained fragile amid a surge in oil prices and mounting global inflation concerns, compounded by a slide in local business confidence to a three-month low in August and a further deterioration in consumer sentiment in September.
U.S. equity futures also softened following overnight losses on Wall Street, as escalating tensions in the Middle East—after attacks on Saudi energy facilities—added to risk aversion. On the trade front, China posted solid export and import figures for August, pushing its year-to-date trade surplus above USD 800 billion.
Miners led the local advance, with BHP gaining 2.2%, Woodside Energy climbing 2.3%, and Santos adding 1.4%. By contrast, three of the four major banks edged lower, slipping between 0.1% and 1%. Investors are now focused on upcoming CPI and PPI releases from China, Australia’s key trading partner, due later today.
