Australia Stocks Rise After Recent Declines

Australian shares rose 25 points or 0.3% to 9,098 on Tuesday morning, reversing weakness in the prior four sessions. Bargain hunters entered after markets hit a two-week low, picking selective stocks in healthcare, manufacturing, non-energy minerals, and consumer non-durables. Sentiment also improved after August consumer sentiment hit a nine-month peak as mortgage holders became less concerned about further interest rate increases. However, gains were capped by losses on Wall Street overnight as oil prices spiked, stoking inflation concerns, amid escalating geopolitical tensions in the Middle East. In top trading partner China, July activity data showed the economy lost momentum as consumer spending stalled and urban investment contracted at a faster pace while unemployment ticked higher. Heavyweight BHP Group jumped 3.3% while other movers included Pro Medicus (13.1%), Cochlear Ltd. (6.0%), and JB Hi-Fi (1.5%). In contrast, the four big banks fell between 0.5% and 1.4%.

The ASX 200 lost 42 points or 0.5% to close at 9,073 on Monday, marking its fourth straight decline and a two-week low. Sentiment stayed cautious ahead of key July data from main trading partner China, including industrial output, retail sales, and unemployment. Meantime, U.S. Dow futures weakened as no interim peace deal emerged between Washington and Tehran, with few catalysts on the calendar aside from the Fed’s minutes due Wednesday. Locally, July labor data is expected later this week after June’s steady jobless rate. Meanwhile, RBA Assistant Governor Kent signaled tight monetary settings remain necessary to curb inflation. NAB slumped 4.7% on concerns that repealing property-investment tax breaks could weigh on earnings and credit growth. JB Hi-Fi plunged near 12%, its worst session since March 2020, after reporting a drop in Australian sales for the first month of fiscal 2027. Other notable laggards included Suncorp Group (-5.0%), QBE Insurance (-2.1%), and Pro Medicus (-2.0%).

Australian stocks fell 26 points, or 0.3%, to 9,089 in early trade Monday, extending losses for a fourth straight session to hit a two-week low. Sentiment weakened after Wall Street’s retreat Friday, driven by a soft U.S. retail sales report and declines in tech shares. Investors also stayed cautious ahead of key data from top trading partner China later today, including July industrial output, retail sales, and the surveyed unemployment figures. Locally, Q2 housing lending in Australia slipped to a three-quarter low, though the pace of decline eased from the prior period. Meanwhile, July labor data is due later this week following June’s steady jobless rate. Sectoral weakness was broad, led by retail trade, consumer non-durables, manufacturing, and transport. Two of the four big banks slipped between 1.5% and 3.8%. Notable decliners included Suncorp Group (-4.6%), Westfarmers Ltd. (-2.9%), Pro Medicus (-2.4%), and Technology One (-1.4%).