Australian shares start flat as Woodside and Fortescue lift
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More news: Australian shares opened flat after US stocks retreated overnight, with energy companies leading early gains.
The benchmark S&P/ASX 200 index was flat at 8,538.6 at 10:45am AEST. Six of the 11 sectoral indices were in the red.
Energy (0.7%) was the best performing sector as oil giant Woodside Energy climbed 1.3%.
Building products manufacturer James Hardie (2.8%), metals miner Fortescue (1.5%) and coal miner Whitehaven (1.3%) were among the best performing ASX 200 stocks.
Fletcher Building (-1.9%) was among the worst performers after casino operator SkyCity (1.2%) filed legal proceedings against the building products group over the delayed construction of its New Zealand International Convention Centre.
Meanwhile, miners Lynas Rare Earths (-2.8%), Pilbara Minerals (-2.9%) and Liontown Resources (-1.9%) all fell after rallying on Thursday.
Australian shares to fall after Tesla drags Wall Street lower
The news: Australian shares are poised to lower at the open after each of the three main Wall Street indices declined ahead of key monthly jobs data in the US.
The numbers: Updated at 7:30am AEST:
- ASX futures: down 13 points to 8,540
- Wall Street: Dow Jones down 0.25%, S&P 500 down 0.53%, and Nasdaq down 0.83%
- Europe: CAC 40 down 0.18%, DAX up 0.19%, and FTSE 100 up 0.11%
- Spot gold: flat at USD3,353 per ounce
- Oil prices: Brent flat at USD65.31/bbl, and US WTI up 0.64% to USD63.25/bbl
- AUD: up 0.31% to 65.12 US cents
- Bitcoin: up 0.3% to USD100,802.
The context: US stocks lowered as investors awaited a key monthly jobs report which may impact the size and timing of Federal Reserve interest rate cuts.
Electric car maker Tesla tumbled 14.3% after Elon Musk's public feud with US President Donald Trump escalated, with Trump threatening to terminate the company's federal contracts and subsidies.
What's ahead: The Australian Bureau of Statistics will publish labour accounts for March and multiple job-holders data for April at 11:30am AEST.
The US Bureau of Labour Statistics will publish unemployment figures and non-farm payrolls for May at 10:30pm.
The source: Reuters
