Australian shares start lower as healthcare, mining stocks lead losses
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More news: Australian shares opened lower this morning, with nine of the 11 sectoral indices dropping into negative territory. The benchmark S&P/ASX 200 index was down 50.6 points, or 0.57%, to 8,814.3 at 10:40am AEST.
Healthcare, down 1.5%, was the worst performing sector as troubled biotech giant CSL shed 1.8%, while medical imaging company Pro Medicus fell 2.2%.
Miners dropped 0.9% with gold producers making up most of the worst 10 performers on the ASX 200. Regis Resources (-5.1%), Emerald Resources (-4%) and Evolution Mining (-3.7%) were worst hit.
Australian shares to lower as investors turn to Fed meeting
The news: Australian shares are set to open lower this morning as investors turn to the next meeting of the US Federal Reserve this week.
The numbers: Updated at 7:30am AEST:
- ASX futures: down 59 points to 8,804
- Wall Street: Dow Jones down 0.59%, S&P 500 down 0.05% and Nasdaq up 0.44%
- Europe: CAC 40 up 0.02%, DAX down 0.02% and FTSE 100 down 0.15%
- Spot gold: up 0.25% to USD3,643 per ounce
- Oil prices: Brent down 0.16% USD66.88/bbl and US WTI up 0.14% to USD62.60/bbl
- AUD: down 0.15% to 65.51 US cents
- Bitcoin: down 0.06% to USD115,904.
The context: The Federal Reserve will hold its next policy meeting on Tuesday and Wednesday, with investors betting on the first interest rate cut since US President Donald Trump returned to the White House.
Policymakers are expected to cut the benchmark interest rate by a quarter-percentage-point from the current level of between 4.25% and 4.50% — the first rate cut since December 2024.
The Fed is also facing a challenge to its leadership, after Trump attempted to fire governor Lisa Cook.
