Australian shares start lower as iron ore miners extend losses
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More news: Australian shares lowered at the start of trading as all 11 sectoral indices fell into the red.
The benchmark S&P/ASX 200 index was down 29.4 points, or 0.35%, to 8,494.3 at 10:30am AEST.
Uranium miner Boss Energy (-6.3%) was the worst performing ASX 200 stock, two days after announcing its flagship Honeymoon project had met its full-year production guidance.
Iron ore miners extended recent losses, with Fortescue (-1.4%), Rio Tinto (-1.3%) and BHP (-0.5%) all down. Fellow miners Pilbara Minerals (-2.7%), Capstone Copper (-2.6%) and Champion Iron (-2.4%) were also among the worst performers.
Australian shares to fall as Europe stocks extend losses
The news: Australian shares set to open lower at the open after global stocks retreated overnight as uncertainty over conflict between Israel and Iran continued and Wall Street closed for the Juneteenth public holiday.
The numbers: Updated at 7:30am AEST:
- ASX futures: down 5 points to 8,544
- Wall Street: closed
- Europe: CAC 40 down 1.34%, DAX down 1.12%, and FTSE 100 down 0.58%
- Spot gold: flat at USD3,371 per ounce
- Oil prices: Brent down 0.14% to USD78.74/bbl, and US WTI up 0.88% to USD75.80/bbl
- AUD: down 0.5% to 64.76 US cents
- Bitcoin: flat at USD104,332.
The context: Global stocks lowered overnight as the US dollar climbed, as investors remained cautious over possible US involvement in the Israel-Iran conflict.
Wall Street was closed for the Juneteenth public holiday, but US S&P 500 futures were down as Europe's STOXX 600 dropped 0.8% in its third straight day of declines.
Crude benchmarks trimmed further gains after US President Donald Trump said he will decide "within the next two weeks" whether the US will join Israel's military campaign against Iran.
The source: Reuters
