Australian Shares Fall for Second Session
On Tuesday, the S&P/ASX 200 Index fell by 0.08%, closing at 8,151, marking its second consecutive day of decline due to escalating global trade tensions and discouraging economic indicators. President Trump mentioned he would not be engaging in talks with Xi Jinping this week, though he indicated a willingness to consider reducing the significant 145% tariff on Chinese imports. Furthermore, Trump proposed a 100% tariff on foreign films and suggested that tariffs on pharmaceuticals might be introduced in the coming weeks. Domestically, Australian market sentiment was negatively impacted by underwhelming building permits data and indications of slowing growth in China's services sector, both of which are crucial for Australia's trade-dependent economy. The financial sector led the downward trend, witnessing substantial drops in major banks such as Westpac, which fell by 2.1%, NAB by 1.5%, and ANZ Group by 0.8%. Technology and mining stocks also faced pressures. Conversely, gold miners bucked the trend with Northern Star Resources rising by 4.2% and Evolution Mining increasing by 5.4%, as they benefited from stronger bullion prices.
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