Australian shares drifted within a narrow range on Tuesday, as investors were cautious before the country’s central bank released minutes of its latest monetary policy meeting later in the day.
The S&P/ASX 200 index was down 0.04% at 7747.50 by 0025 GMT.
The benchmark ended 0.2% lower on Monday.
The Reserve Bank of Australia is slated to release minutes of its June meeting, which investors await hoping to gain further clarity on the central bank’s policy easing stance.
Globally, investors are watchful of a string of economic data this week along with minutes from the US Federal Reserve’s latest policy meeting on Wednesday, for further clarity on the interest rate trajectory.
Rate-sensitive financials declined 0.3%, with the ‘Big Four’ banks losing between 0.4% and 0.6%.
Health stocks fell as much as 0.9% to hit their lowest level since June 13.
On the other hand, miners gained a much as 0.5% to hit their highest level since June 17, as stronger-than-expected industrial statistics in top consumer China helped iron ore futures reach their best levels in almost two weeks.
Shares in mining giants BHP Group and Rio Tinto were up 0.5% and 0.4%, respectively.
Australian shares start second half of year on cautious note before RBA minutes
Technology stocks jumped about 0.4%, tracking overnight gains in Wall Street peers after Megacap growth stocks led by Apple and Tesla lifted the tech-heavy Nasdaq. Software company Xero rose 0.7%.
Energy stocks jumped as much as 1.7% to hit their highest level since June 4, as oil prices increased due to concerns that the Middle East conflict may spread and deplete global oil supplies, as well as expectations of increased demand during the summer driving season in the Northern Hemisphere.
Woodside Energy was up 1.7%, while Santos gained 0.4%. Meanwhile, New Zealand’s benchmark S&P/NZX 50 index fell 0.2% to 11,761.70.
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