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Australian shares ended the trading session on Monday with little change, as gains in mining stocks countered losses in the banking and energy sectors. Traders exercised caution ahead of the release of the U.S. inflation data later in the week, which could provide insights into the Federal Reserve's monetary policy direction.
The S&P/ASX 200 index closed marginally higher, up 0.01% at 7750.000 points, following a 0.4% gain on Friday.
Investors are closely watching the upcoming release of the U.S. core consumer price index on Wednesday, with expectations that higher-than-anticipated inflation data could dampen hopes for a rate cut by the Federal Reserve.
Mining stocks, considered a bellwether for the Australian market, edged slightly higher by 0.03% in the resource-heavy bourse. The movement comes as iron ore prices stabilized after touching a more-than-two-week low on Friday. Among the major miners, BHP Group (ASX: BHP) gained 0.8%, while Rio Tinto (ASX: RIO) slipped 0.8%.
Financials faced downward pressure, closing 0.03% lower, as concerns about the impact of the upcoming U.S. inflation data weighed on the rate-sensitive sub-index. Brad Smoling, managing director at Smoling Stockbroking, noted, "Banks are one of the most sensitive sectors impacted by the US inflation data this week. Investors are nervous."
Despite the cautious sentiment, three of the "Big Four" banks managed to close in positive territory. However, ANZ Group (ASX: ANZ) saw a decline of 3.2% following reports of an investigation by the country's corporate regulator.
Energy stocks mirrored global trends, falling 0.7% amid indications of weak oil demand and muted expectations for U.S. rate cuts. Woodside Energy (ASX: WDS) dropped 1.1%, while Santos (ASX: STO) lost 0.9%.
Other sectors also experienced mixed results, with real estate stocks down 0.1% and information technology stocks slipping 0.6%. However, health stocks bucked the trend, gaining 0.4%, led by CSL (ASX: CSL) with a 0.3% increase.
Meanwhile, across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index (NZ50) ended the session down 0.9% at 11,652.1600 points.
