Australian shares eased on Tuesday, with the ASX 200 slipping 30 points, or 0.3%, to 8,662. The decline ended a two-session winning streak and pulled the index back from a two-week high, as traders locked in profits ahead of the April CPI release due on Wednesday.
Headline inflation is forecast to slow to 4.4% from March’s 2½-year high of 4.6%, remaining above the Reserve Bank’s 2–3% target band. In contrast, the trimmed mean measure is expected to edge up to 3.4% from 3.3%.
Losses were limited by a rebound in U.S. futures after reports that U.S. forces carried out “self-defense” strikes in southern Iran. On the local market, selling pressure was concentrated in logistics, consumer non-durables, consumer services, and energy minerals, partially offset by gains in consumer durables and industrial services.
ASX Ltd. sank 12%—its sharpest one-day fall in more than a decade—after warning of higher technology-related costs. Among the major banks, two of the big four slipped between 0.2% and 0.5%. Other notable decliners included Aristocrat Leisure (-3.4%), Insurance Australia Group (-2.1%), and Challenger Ltd. (-4.8%).
