Australian stocks edged lower on Monday as losses in commodity stocks slightly overshadowed gains in banking and technology stocks, as investors awaited domestic consumer price data.
The S&P/ASX 200 index was down 0.1% at 7785.4 by 0035 GMT. The benchmark index rose 0.3% on Friday.
Commodity prices fell, after iron ore prices posted a fourth straight weekly loss amid talks of a cap on crude steel production in major consumer China, while oil prices pulled back on concerns that global oil demand growth could be hit by a strong U.S. dollar.
The strength of the dollar also weighed on gold prices on Friday.
Mining stocks fell 0.3%, with BHP group remaining stable and Rio Tinto falling 0.2%.
Energy stocks fell 1.1%, while gold stocks fell more than 2%.
The market is now focusing on consumer price data for May, due on Wednesday, to gauge the Reserve Bank of Australia’s (RBA) monetary policy.
The central bank stressed the need to be vigilant on inflation at its latest policy meeting, prompting investors to push back their expectations for interest rate cuts to the end of the year.
Interest-rate-sensitive financial stocks rose 0.2%, with three of the big four banks posting gains. The ANZ Group fell 0.2%.
Technology stocks rose 1.2% to their highest level in a week.
Star Entertainment fell 7.1% to its lowest level since early June, after the casino operator reported lower FY24 profits and appointed an interim CEO.
Premier Investments rose 4.4% to its highest level in almost 12 weeks, after Myer Holdings proposed acquiring its clothing brands business through an all-share merger. Myer shares rose 20.2% to their highest level in two months.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index was largely unchanged at 11,682.22.
