Australian shares fall as commodities drag; GDP data in focus

Endeavour

02/09/2024 02:33

Sept 2 (Reuters) - Australian shares traded lower on
Monday, with miners and energy stocks weighing the most, while
investors await June-quarter economic growth print to gauge the
outlook for interest rates.
    The S&P/ASX 200 index  .AXJO  was down nearly 0.4% at
8,062.90 points, as of 0055 GMT, with all but two sectors in the
red. The benchmark ended 0.6% higher on Friday.
    The country's second-quarter GDP report, due this week,
could set the stage for the Reserve Bank of Australia's interest
rate trajectory when officials meet later this month.
    Economic data from the United States signalled the Federal
Reserve will likely cut interest rates by a smaller quantum of
25 basis points, instead of 50 bps.  MKTS/GLOB   
    The U.S. Dow Jones Industrial Average  .DJI  rose 228.03
points, or 0.55%, to 41,563.08 points on Friday. The S&P 500
 .SPX   .SPX  gained 56.44 points, or 1.01%, while Nasdaq
 .IXIC  gained 197.19 points, or 1.13%.
    In Sydney, gold stocks  .AXGD  fell as much as 3% on Monday
after bullion prices slumped, with the country's largest gold
miner Northern Star Resources  NST.AX  slipping more than 2%.
 GOL/  
    Australian miners  .AXMM  followed suit, shedding about
0.8%, due to weaker iron prices in top steel producer China,
with sector majors BHP Group  BHP.AX  and Rio Tinto  RIO.AX 
trading down 0.4% and 0.7%, respectively.
    Other sectors such as healthcare  .AXHJ  and technology
 .AXIJ  traded down 0.5% and 0.6%, respectively. 
    In corporate news, retailer Endeavour Group  EDV.AX  fell as
much as 2.3%, after Woolworths  WOW.AX  sold its remaining stake
in the former for A$383 million. 
    Brent crude  LCOc1  futures fell 0.6% to $76.47 a barrel
while U.S. West Texas Intermediate (WTI) crude  CLc1  lost 0.56%
to $73.14 per barrel.
    New Zealand's benchmark S&P/NZX 50 index  .NZ50  fell about
0.2% to 12,426.39 points.
    
             

 (Reporting by Archishma Iyer in Bengaluru; Editing by Sherry
Jacob-Phillips)
 ((Archishma.Iyer@thomsonreuters.com;))
 
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