Australian shares slip as miners drag; inflation data in focus

Reuters
03-24
Australian shares slip as miners drag; inflation data in focus

March 24 (Reuters) - Australian shares slipped in early trade on Monday, pressured by losses in mining stocks amid softer commodity prices, while markets await the release of local inflation data for February later this week.

The S&P/ASX 200 index .AXJO was down 0.3% at 7,905.4 points by 2341 GMT. The benchmark finished 0.2% higher on Friday.

Traders await inflation figures, due on Wednesday, to gain further insights into the Reserve Bank of Australia's potential rate-cut trajectory, ahead of its next interest rate decision on April 1.

Last month, the RBA indicated that it needs to see more positive signs on inflation before cutting rates again. It is also likely to consider the government's general budget announcement on Tuesday before the next decision.

Local miners .AXMM led losses in the benchmark, slipping nearly 1% on weakened iron ore and copper prices. IRONORE/ MET/L

Shares of heavyweight miners Rio Tinto RIO.AX, BHP Group BHP.AX and Fortescue FMG.AX slipped between 0.4% and 1.2%.

Gold stocks .AXGD dipped 0.7% as a stronger dollar weighed on greenback-priced bullion. GOL/

Gold miner Northern Star Resources NST.AX fell 0.4%.

Bucking the sombre mood, financial stocks .AXFJ helped limit the overall losses in the benchmark, rising 0.3%, with the 'Big Four' banks gaining between 0.02% and 0.6%.

Among individual stocks, Australia-listed shares of James Hardie Industries JHX.AX fell 10.4% and emerged as one of the top losers in early trade after the fibre-cement maker announced it would acquire U.S.-based AZEK Company AZEK.N for $8.75 billion.

New Zealand's benchmark S&P/NZX 50 index .NZ50 was largely flat at 12,113.51 points.

Shares of Synlait Milk SML.NZ slumped 10.9% after the dairy producer flagged a slower financial progress in the second half of fiscal 2025, despite swinging to profitability in the first half.

(Reporting by Shivangi Lahiri in Bengaluru; Editing by Sherry Jacob-Phillips)

((shivangi.lahiri@thomsonreuters.com))

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