Australian shares were largely flat on Tuesday, as losses in heavyweight mining stocks offset gains in banking, healthcare and real estate firms, while caution prevailed ahead of key domestic growth data due later in the week.
The S&P/ASX 200 index was largely unchanged at 7,761.7 points by 0034 GMT.
The benchmark rose 0.8% on Monday.
Investors are awaiting the country’s gross domestic product (GDP) data for the second quarter on Wednesday, for a clearer picture of the Reserve Bank of Australia’s interest rate decision.
The RBA kept rates steady last month but hinted that a hike might be needed if forecasts on inflation proved too optimistic.
Analysts are expecting the first rate cut only towards the end of 2024.
Miners snapped a two-day winning streak to lose 0.6%, with Fortescue, BHP and Rio Tinto falling 1.8%, 0.9%, and 0.7% respectively.
Iron ore prices slipped to their lowest levels in more than six weeks on Monday, as signs of weakening steel demand in top consumer China broadly weighed on sentiment.
Energy firms were also trading lower by 0.7%, tracking global oil prices which dipped over 3% on concerns over demand as OPEC+ agreed to extend most of its output cuts into 2025.
Australian shares hit record high; RBA cautious on inflation
Bucking the trend, Healthcare firms were up 0.7% with Ramsay Health Care up 3.6%, on track for best day of gains since February.
The real-estate sector followed suit to inch 0.3% higher. Financials edged up 0.1%.
Gold stocks added 0.6%, buoyed by higher bullion prices after US manufacturing data cemented expectations that the Federal Reserve would cut interest rates later this year.
New Zealand’s benchmark S&P/NZX 50 index was down 0.3% to 11,828.09.
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