Australian stocks dipped on Tuesday in quiet trading, dragged down by mining and consumer staples stocks. Investors were cautious as they awaited important economic data that could influence the country’s monetary policy.
The S&P/ASX 200 index dropped 0.4% to 8,078.5 by 0110 GMT. This followed a 0.3% rise on Monday.
Trading was slow across the region, partly because U.S. markets were closed on Monday due to a public holiday.
Investors are looking ahead to Australia’s second-quarter GDP report due on Wednesday, which is expected to show a 1% annual growth rate. Global attention is also on a U.S. labor report coming later this week that could impact the Federal Reserve’s decisions.
In Sydney, major mining companies continued to struggle, falling as iron ore prices dropped in China, the world’s largest steel producer. Rio Tinto and BHP Group both saw slight declines. Retail giants like Woolworths and Coles also fell, contributing to a 1.9% drop in discretionary consumer stocks, their lowest since mid-August.
Energy and healthcare stocks also slipped slightly, with Brent crude futures down to $77.28 per barrel, while U.S. crude oil prices saw a small increase.
On Friday, U.S. stocks performed well, with the Dow Jones, S&P 500, and Nasdaq all seeing gains.
Meanwhile, New Zealand’s S&P/NZX 50 index was down 0.1% on Tuesday.
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