Australian shares dip ahead of US payrolls data

Reuters

Australian shares dip ahead of US payrolls data

5 lug. 2024, ore 6:49 GMT

<html xmlns="http://www.w3.org/1999/xhtml"><head><title>Australian shares dip ahead of US payrolls data</title></head><body>

Energy stocks snap 8-day rally

Gold stocks hit two-week high

ASX gains 0.7% for the week

Updates to close

By John Biju

July 5 (Reuters) -Australian shares edged marginally lower on Friday, weighed down by mining and financial stocks, although investors' attention was on the elections in Europe and key U.S. data due later in the day.

The S&P/ASX 200 index .AXJO closed 0.1% lower at 7,822.3. Its 1.2% jump on Thursday, however, helped it end the week 0.7% higher.

"The Aussie equity market is a little directionless today as global attention is laser-focused on the UK election and the upcoming round 2 of French elections," said Glenn Yin, head of research and analysis at AETOS Capital Group.

Investors are also awaiting the U.S. non-farm payrolls data due later in the day for further direction on when the Federal Reserve will begin rate cuts, after recent soft economic data firmed bets of a start in September.

A subpar reading could further firm bets of a September rate cut, providing support for U.S. equity benchmarks.

"Further advancement of U.S. benchmark indices are likely to boost Aussie shares higher," said Yin.

In Sydney, financial stocks .AXFJ retreated 0.5%, with Commonwealth Bank of Australia CBA.AX and National Australia Bank NAB.AX falling 0.6% and 1.2%, respectively.

Mining stocks .AXMM declined 0.5% due to a retreat in iron ore futures as a fall in hot metal output weighed on sentiment. IRONORE/

Shares of BHP Group BHP.AX and Rio Tinto RIO.AX fell about 1% each.

Energy stocks .AXEJ shed 0.1%, snapping a run of eight consecutive sessions of gains.

Bucking the trend, gold stocks .AXGD climbed 0.5% to hit their highest since June 21 as the bullion became less expensive for overseas buyers after the U.S. dollar lost ground.

New Zealand's benchmark S&P/NZX 50 index .NZ50 advanced 0.4% to 11,794.81.

Reporting by John Biju in Bengaluru; Editing by Savio D'Souza

For more information on DIARIES & DATA: U.S. earnings diary RESF/US Wall Street Week Ahead .N/O Global Economy Week Ahead DATA/ ................................................................ For latest top breaking news across all markets NEWS1

</body></html>