Australian shares slipped in early trade on Monday, pressured by losses in mining stocks amid softer commodity prices, while markets await the release of local inflation data for February later this week.
The S&P/ASX 200 index was down 0.3% at 7,905.4 points by 2341 GMT.
The benchmark finished 0.2% higher on Friday.
Traders await inflation figures, due on Wednesday, to gain further insights into the Reserve Bank of Australia’s potential rate-cut trajectory, ahead of its next interest rate decision on April 1.
Last month, the RBA indicated that it needs to see more positive signs on inflation before cutting rates again. It is also likely to consider the government’s general budget announcement on Tuesday before the next decision.
Shining gold stocks lead Australian shares higher
Local miners led losses in the benchmark, slipping nearly 1% on weakened iron ore and copper prices. Shares of heavyweight miners Rio Tinto, BHP Group and Fortescue slipped between 0.4% and 1.2%.
Gold stocks dipped 0.7% as a stronger dollar weighed on greenback-priced bullion. Gold miner Northern Star Resources fell 0.4%. Bucking the sombre mood, financial stocks helped limit the overall losses in the benchmark, rising 0.3%, with the ‘Big Four’ banks gaining between 0.02% and 0.6%.
Among individual stocks, Australia-listed shares of James Hardie Industries fell 10.4% and emerged as one of the top losers in early trade after the fibre-cement maker announced it would acquire US-based AZEK Company for $8.75 billion.
New Zealand’s benchmark S&P/NZX 50 index was largely flat at 12,113.51 points.
Shares of Synlait Milk slumped 10.9% after the dairy producer flagged a slower financial progress in the second half of fiscal 2025, despite swinging to profitability in the first half.
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