ASX edges lower as big banks lead losses
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More news: Australian shares fell at the open as the big four banks retreated, while oil companies tracked rising crude prices overnight.
The benchmark S&P/ASX 200 index was down 25.5 points, or 0.29%, to 8,672.2 at 10:30am AEST. Eight of the 11 sectoral indices were in the red.
Financials was the worst performing sector, falling 0.7%, as the four major lenders each dropped between 0.9% and 1.1%.
Oil retailer and refiner Viva Energy, down 7.8%, was the worst performing ASX 200 company after reporting softer first-half sales at its convenience division.
Energy stocks were the best performers, up 0.5%, with oil giants Woodside Energy and Santos each adding around 1% after global crude benchmarks climbed overnight. Woodside also announced this morning that it had agreed to assume operating control of the Bass Strait gas assets from its joint venture partner ExxonMobil Australia.
Australian shares to lower after US stocks edge higher on trade talk hopes
The news: Australian shares are set to lower this morning even as Wall Street stocks sealed new record highs, buoyed by optimism following the US-EU trade deal and hopes for a similar agreement between the US and China.
The numbers: Updated at 7:30am AEST:
- ASX futures: down 58 points to 8,608 points
- Wall Street: Dow Jones down 0.14%, S&P 500 up 0.02%, and Nasdaq up 0.33%
- Europe: CAC 40 down 0.43%, DAX down 1.02%, and FTSE 100 down 0.43%
- Spot gold: down 0.68% to USD3,315 per ounce
- Oil prices: Brent up 0.35% to USD69.56/bbl, and US WTI up 2.78% to USD65.07/bbl
- AUD: down 0.72% to 65.18 US cents
- Bitcoin: up 0.06% to USD118,117.
The context: The S&P secured a sixth straight record close overnight after a mixed session on Wall Street as investors prepared for a busy week of trade talks and second-quarter earnings.
Investors are also awaiting a policy announcement from the US Federal Reserve on Thursday AEST. The central bank is widely expected to keep interest rates unchanged, even as US President Donald Trump said on Monday that he expects to see them lowered.
