Latest News

Australian shares fall as mining drags; inflation data is in focus

Australian shares fall as mining drags; inflation data is in focus

Australian shares fell in the early trading on Monday due to losses in mining stocks and lower commodity prices. Markets are awaiting the release of local February inflation data later this week.

By 2341 GMT, the S&P/ASX 200 Index was down 0.3% to 7,905.4 points. The benchmark index finished 0.2% higher Friday.

The Reserve Bank of Australia will release its inflation data on Wednesday. This information could provide traders with more insight into the Reserve Bank's possible rate-cutting trajectory.

The RBA stated last month that it needed to see more positive inflation signs before cutting rates. The RBA is likely to also consider Tuesday's budget announcement by the government before making the next decision.

Local miners were the main losers in the benchmark index, which fell nearly 1% due to a decline in iron ore and cobalt prices.

The shares of Rio Tinto Group, BHP Group, and Fortescue Group fell between 0.4% to 1.2%.

The price of gold in greenbacks fell 0.7% due to a stronger dollar.

The gold miner Northern Star Resources dropped by 0.4%.

Financial stocks, which helped to limit overall losses, rose 0.3%. The 'Big Four" banks gained between 0.02% - 0.6%.

James Hardie Industries, a fibre-cement manufacturer based in the United States that announced its intention to acquire AZEK Company at $8.75 billion, was one of the biggest losers among individual stocks.

New Zealand's benchmark S&P/NZX 50 Index was mostly flat at 12,113.51.

Synlait Milk shares fell 10.9% as the dairy producer warned of a slowdown in financial progress during the second half fiscal 2025 despite a swing to profitability in first half.

(source: Reuters)