May 27 – Australian shares inched higher on Tuesday, helped by gains in mining and energy stocks as global investor sentiment recovered as Trump administration delayed tariffs on the European Union.
The S&P/ASX 200 index climbed 0.1% to 8,367.10, as of 0032 GMT. The benchmark ended flat on Monday.
U.S. President Donald Trump’s threat last week to levy 50% on European goods had raised fears of trade tension escalations with markets recuperating after he backed away from his warning.
Back in Sydney, investors will be closely looking at the April inflation figures scheduled on Wednesday for any deviation from its previous trends, where core inflation slipped to a three-year low in the first quarter.
Last week, the Reserve Bank of Australia lowered borrowing costs, leaving the door open for further cuts in the year in the backdrop of rising global trade risks and cooling inflation at home.
Mining stocks rose 0.3% despite a slump in iron ore futures on subdued steel consumption in top consumer China.
Giants BHP slipped marginally, while Rio Tinto and Fortescue gained 0.3% and 0.6%, respectively.
Energy sub-index added 0.9%, while oil prices held steady. Sector giants Woodside Energy rose 0.7%, while Santos gained 0.5%.
Meanwhile, gold stocks fell 0.2% on weaker bullion prices after Trump’s pullback reduced demand for the safe-haven asset.
Financials dipped 0.1% with NAB and Westpac countering gains in the other two of the country’s “Big Four” banks.
Local tech stocks advanced 0.7%, set for a third session of consecutive gains.
WiseTech Global rose 2.5%, while ASX-listed shares of Xero climbed 0.6%.
Meanwhile, New Zealand’s benchmark S&P/NZX 50 index rose 0.3% to 12,587.05, ahead of the much anticipated quarter-point interest rate cut from its central bank on Wednesday.
This article was generated from an automated news agency feed without modifications to text.
