Miners, financials drag Australian shares lower; US CPI, Fed policy in focus
June 12 (Reuters) -Australian shares fell on Wednesday, led by losses in heavy-weight miners and financials, with investors focused on the upcoming release of U.S. inflation data and the Federal Reserve's policy announcement.
The S&P/ASX 200 index .AXJO fell 0.5% to 7,720.1 by 0035 GMT. The benchmark touched its lowest in over a week.
In addition to the U.S. inflation data, which could influence the timing of the Fed's monetary policy easing, traders are on the watch for the outcome of the central bank's two-day policy meeting, due later in the day. MKTS/GLOB
Back in Sydney, the Reserve Bank of Australia's two-day monetary policy meeting is scheduled for next week.
"We now expect the first cash rate cut (by the RBA) in February 2025 and expect easing shortly thereafter (most likely in April, although May is possible)," analysts at ANZ Research said in a note.
Mining stocks .AXMM fell as much as 1.1% to their lowest since March 27, on the back of falling iron ore prices. IRONORE/
Mining giants Rio Tinto RIO.AX and Fortescue shed as much as 1.3% and 1.4%, respectively.
Meanwhile, Australia's mining and energy union said it has filed for same job same pay orders covering 1,700 labour-hire coal mine workers at three large BHP BHP.AX coal mines in Queensland. BHP shares fell as much as 1.5% totheir lowest since May 14.
Rate-sensitive financial stocks .AXFJ fell as much as 0.6%, with the "Big Four" banks losing between 0.4% and 0.7%.
Gold stocks fell as much as 0.8% to their lowest level since early April, even as bullion prices firmed. GOL/
Bucking the trend, energy stocks .AXEJ gained as much as 0.6%, tracking higher oil prices. O/R
Energy majors Woodside Energy WDS.AX and Santos STO.AX gained as much as 1.6% and 0.7%, respectively.
Across the Tasman Sea, New Zealand's S&P/NZX 50 index .NZ50 fell 0.1% to 11,776.64 points. The benchmark is set to log losses for a fifth straight session.
Reporting by Sherin Sunny in Bengaluru; Editing by Eileen Soreng
For more information on DIARIES & DATA: U.S. earnings diary RESF/US Wall Street Week Ahead .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets NEWS1
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
