AUS
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Australian shares are set to end their three-day rally on Tuesday as investors adopt a cautious stance ahead of a critical U.S. inflation report and the Federal Reserve's policy announcement later this week. The S&P/ASX 200 index fell 1.42% to 7,748.70 points. The benchmark was closed on Monday due to a public holiday.
Investors are awaiting the U.S. Consumer Price Index (CPI) report for May, scheduled for release on Wednesday, coinciding with the conclusion of the Fed's two-day policy meeting. These events are expected to provide significant cues on the potential timeline for monetary policy easing in the United States.
Market Performance
Back in Australia, all sub-indexes were down for the day. Miners led the losses, with the mining sub-index falling as much as 2.82%, reaching its lowest level since early May. BHP Group (ASX:BHP) shares dropped by 2.00%, while Fortescue Metals Group (ASX:FMG) saw a decline of 2.52%, marking its lowest level since March 19.
Interest rate-sensitive financial stocks also faced significant declines, falling by as much as 1.2%. The "Big Four" banks—Commonwealth Bank (ASX: CBA), Westpac (ASX: WBC), ANZ (ASX: ANZ), and NAB (ASX: NAB)—saw their shares decrease between 0.81% and 1.35%.
Sector-Specific Movements
Gold stocks experienced substantial losses, declining by as much as 5.9%. Notable gold miners, Evolution Mining (ASX: EVN) and Northern Star Resources (ASX: NST), fell by 7.3% and 6.2%, respectively. Energy stocks dipped by 0.8%. However, there was a bright spot within the sector: oil and gas giant Woodside Petroleum saw its shares rise by 1% to AU$27.49 in early trading after announcing it had achieved its first oil production at the Sangomar project in Senegal.
Company News
In other significant company news, mining giant Rio Tinto (ASX: RIO) announced its plan to buy Mitsubishi Corp's 11.65% stake in Boyne Smelters for an undisclosed sum. Despite this announcement, Rio Tinto's shares fell by 1.3% to AU$123.65.
Shares of Bapcor Ltd (ASX: BAP) surged by 14.5% after the automotive parts retailer confirmed it had received a buyout offer worth AU$1.83 billion (approximately $1.21 billion) from private equity firm Bain Capital.
New Zealand Market
Meanwhile, across the Tasman Sea, New Zealand's S&P/NZX 50 index rose by 0.3% to 11,821.57 points after three consecutive sessions of losses.
