May 30 (Reuters) – Australian shares slipped on Friday, dragged by losses in mining and energy stocks as markets digested the reinstatement of U.S. President Donald Trump’s tariffs, a day after a trade court blocked them.
The S&P/ASX 200 index fell 0.3% to 8,385, as of 0039 GMT. However, the benchmark is on track for a weekly gain of 0.3%, its third consecutive week.
A U.S. federal appeals court has temporarily reinstated most of the tariffs introduced by Trump in order to consider the government’s appeal.
Back in Sydney, mining stocks fell for a fourth session in a row, down 0.1%, despite a rebound in iron ore prices before the tariff restoration order.
BHP was up 0.2%, while Rio Tinto and Fortescue dropped 0.3% and 1.2%, respectively.
Energy stocks declined 1% as oil prices slumped on reports that a U.S. court blocked President Donald Trump’s tariffs from taking effect.
Woodside and smaller rival Santos fell 0.8% and 0.2%, respectively.
Financials declined 0.1%, with two of the country’s top banks falling around 0.1% each.
Gold stocks rose 0.4% on stronger bullion prices.
The sub-index is set for its fifth straight month of wins, rising 8.6% so far.
Northern Star Resources and Evolution Mining climbed around 0.2% each.
Meanwhile, technology stocks snapped a five-day rally to shed 1.1%, with WiseTech Global and ASX-listed shares of Xero falling 1.7% and 0.4%, respectively.
On the other hand, the tech sector is poised for its best monthly performance since February last year.
Next week, the Australian Bureau of Statistics will release the country’s first-quarter gross domestic product figures, offering further clues on the central bank’s next move at its July meeting.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index was trading 0.3% higher at 12,320.16.
(Reporting by Sneha Kumar in Bengaluru; Editing by Rashmi Aich)
