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Gold stocks led losses on ASX
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Production reports for key Australian companies expected
this
week
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Investors watch out for China GDP data, RBA minutes
(Updates to close)
By Mehr Bedi
April 17 (Reuters) - Australian shares closed marginally
higher on Monday after gold and mining stocks capped gains in
the financial sector, as cautious investors adopted a
wait-and-watch approach ahead of domestic production results,
China GDP data and minutes from the central bank due through the
week.
The S&P/ASX 200 index eked out gains of 0.3% at the
close of trade to end at 7,381.50 points. The benchmark advanced
2% last week.
A slew of Australian companies, including global miners BHP
Group and Rio Tinto , are scheduled to report
their quarterly production figures this week.
This follows the start of the U.S. earnings cycle on Friday
when banking heavyweights reported a stronger-than-expected
performance, simmering concerns of a global banking crisis and
boosting sentiment.
China's first quarter GDP, industrial production and retail
sales data will also be on close watch this week for clues on
the country's economic recovery.
"Corporate earnings and Chinese data will be front and
centre of traders' minds this week as the market looks for its
next directional cues," said Tim Waterer, chief market analyst
at KCM Trade.
Later this week, the Reserve Bank of Australia will release
minutes for its April meeting where it left the cash rate
unchanged and investors will be on the look out for cues on the
central bank's stance on monetary policy in the coming months.
Local financial stocks rose 0.4% with three of the
"Big Four" banks trading higher between 0.7% and 1%.
Gold stocks led losses on the bourse after bullion
prices retreated on Friday due to a stronger dollar and fears
over continued interest rate hikes. The sub-index lost over
3.0%.
Miners fell 0.1% as iron-ore prices extended losses
on Friday, reflecting concerns regarding China demand. Energy companies fell 0.3%, even as oil prices
firmed.
Across the Tasman sea, New Zealand's benchmark S&P/NZX 50
index finished 0.5% higher at 11,936.15.
(Reporting by Mehr Bedi in Bengaluru; Editing by Nivedita
Bhattacharjee)
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