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Business News/ Markets / Stock Markets/  Australia shares flat as losses in bank stocks counter commodities gains
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Australia shares flat as losses in bank stocks counter commodities gains

AUSTRALIA-STOCKS/MIDDAY:Australia shares flat as losses in bank stocks counter commodities gains

Australia shares flat as losses in bank stocks counter commodities gains Premium
Australia shares flat as losses in bank stocks counter commodities gains

May 28 - Australian shares were trading largely flat on Tuesday, as gains in mining and gold stocks were offset by losses in heavyweight banking stocks, while investors remained cautious ahead of the domestic inflation data due this week.

The S&P/ASX 200 index was flat at 7,785.10 by 0102 GMT. It closed 0.8% higher on Monday.

Australia's consumer price inflation data for April is scheduled to be released on Wednesday and it is expected to give more clarity on the central bank's interest rate trajectory.

The Reserve Bank of Australia , last week left the interest rates steady to avoid "excessively fine-tuning" policy, but judged a rate hike might be needed if forecasts on inflation proved too optimistic.

A Reuters poll of economists showed the median is for a slight easing in CPI to 3.4% from 3.5% in March.

Analysts at Westpac noted that the CPI reading is dominated by the goods component which has maintained a disinflationary trend, and an upside surprise on that front would rekindle some near term focus on RBA hike probabilities.

Mining stocks were trading 0.5% higher, with the world's largest listed miner BHP Group up nearly 0.6%.

The gold sub-index also advanced 0.9% in early trade. Gold prices had jumped 1% on Monday, as investors assessed diminishing bets of U.S. rate cuts.

However, rate-sensitive financials fell 0.2%, with Commonwealth Bank of Australia and Westpac down 0.1% and 0.2%, respectively. The other two of the "Big Four" banks wee largely flat.

Healthcare stocks were down about 0.4%, and technology sub-index fell 0.3%.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index was marginally up at 11,763.89.

The government budget is due on Thursday, where the fiscal deficit for the country is expected to worsen.

This article was generated from an automated news agency feed without modifications to text.

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Published: 28 May 2024, 06:57 AM IST
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