Australian shares slide into the red as IDP extends losses
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More news: Australian shares slipped into negative territory after edging up in early trading, as gains in mining (0.8%) and technology (0.7%) stocks were offset by declines among most other sectors.
The benchmark S&P/ASX 200 index was down 0.12%, or 10.6 points, to 8,531 at 1:10pm AEST, with 8 of the 11 sectoral indices seeing losses.
Troubled education services provider IDP was the worst performing ASX 200 company, tumbling 9% after a near 50% selloff on Tuesday.
Washington H Soul Pattinson (-3.3%) and Brickworks (-2.5%) also fell after both companies' shares rocketed on Monday following news of the pair's proposed merger.
Meanwhile, Clarity Pharmaceuticals (10.6%) held its early advance after the radiopharmaceutical company announced positive topline results from its phase two 'DISCO' trial.
Lynas Rare Earths (10.6%) rallied as China's critical mineral export curbs came into force. Lithium miners Mineral Resources (8.4%), Pilbara Minerals (8.4%) and Liontown Resources (4.5%) also advanced.
Australian shares open higher as miners rally; Tyro sheds 10% on CEO exit
More news: Australian shares edged up in early trading as mining and technology stocks led gains.
The benchmark S&P/ASX 200 index was up 0.24%, or 20.2 points, to 8,562 at 10:45am AEST, with nine of the 11 sectoral indices in the green.
Clarity Pharmaceuticals (6.7%) was the best performing ASX 200 company after announcing positive topline results from its phase two 'DISCO' trial.
Lynas Rare Earths (6.6%) also climbed amid reports that European auto makers have suspended output to protect against shortages of rare earths, stemming from China's restrictions on critical mineral exports.
Fellow miners Mineral Resources (6.1%), Liontown Resources (4.9%) and Pilbara Minerals (4%) were also among the best performers.
Meanwhile, Tyro Payments shares slumped 9.8% after the payments provider announced the resignation of its CEO and managing director Jon Davey.
Australian shares to slip as weak US data stalls Wall Street rally
The news: Australian shares are poised to edge down at the open after a mixed session on Wall Street as weak economic data and the imposition of 50% tariffs on most steel and aluminium imports weighed on sentiment.
The numbers: Updated at 7:30am AEST:
- ASX futures: down 1 point to 8,564
- Wall Street: Dow Jones down 0.22%, S&P 500 up 0.01%, and Nasdaq up 0.32%
- Europe: CAC 40 up 0.53%, DAX up 0.77%, and FTSE 100 up 0.16%
- Spot gold: flat at USD3,373 per ounce
- Oil prices: Brent up 0.06% to USD64.90/bbl, and US WTI down 1.06% to USD62.74/bbl
- AUD: up 0.36% to 64.92 US cents
- Bitcoin: flat at USD104,649.
The context: Wall Street stocks erased early gains after new data showed that US services activity unexpectedly contracted and private hiring slowed sharply in May, sending the dollar lower.
The figures prompted US President Donald Trump to renew calls for interest rate cuts, while the Federal Reserve's Beige Book — a review of economic conditions published eight times a year — showed US economic activity declined in recent weeks following the announcement of the president's sweeping global tariffs in April.
What's ahead: The Australian Bureau of Statistics will release its international trade in goods and household spending indicators for April at 11:30am AEST.
Offshore, S&P Global will release its purchasing managers’ index (PMI) for China (11:45am), eurozone construction PMI (5:30pm) and UK construction PMI (6:30pm) today.
