May 16 (Reuters) - Australian shares edged lower on
Tuesday, dragged down by losses in gold and technology stocks,
as traders awaited minutes of the central bank's last policy
meeting to assess the trajectory of interest rate hikes.
The S&P/ASX 200 index was down 0.2% at 7,255.4, as
of 0053 GMT, after closing 0.1% higher on Monday.
The Reserve Bank of Australia is due to publish the minutes
of its May decision later in the day. Currently, markets have
priced in an 87% chance of a pause in June, while seeing a
higher risk of a move in August or September.
Globally, investors digested U.S. manufacturing data that
raised concerns about a slowing economy while keeping an eye on
the ongoing debt ceiling negotiations.
In Sydney, mining stocks advanced 0.4% on strong
underlying iron ore prices. Sector-heavyweights BHP Group and Rio Tinto gained 0.6% and 0.5%,
respectively.
Heavyweight financial stocks rose 0.3%, with the so
called "big four" banks trading in positive territory.
Energy stocks climbed 0.4% after oil prices rose
overnight. Sector major Santos Ltd gained 0.3%.
Gold stocks slid 0.9% despite a rise in bullion
prices. Gold miners Northern Star Resources and
Newcrest Mining lost 1.0% and 0.8%, respectively.
Tech stocks slid more than 1%, with Xero Ltd down 1.5%.
Among individual stocks, Australian Strategic Materials Ltd rose 5.4% after the company signed an agreement to sell
neodymium iron boron alloy from its Korean metals plant to
U.S.-based rare-earth magnet maker Noveon Magnetics Inc.
James Hardie Industries rose 7.3% to become the top
gainer on the benchmark index after it forecast a higher profit
for the first quarter of fiscal year 2024.
New Zealand's benchmark S&P/NZX 50 index retreated
0.1% 11,926.01.
(Reporting by John Biju in Bengaluru; Editing by Subhranshu
Sahu)
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