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Australian stocks were little changed in early Monday trading, hovering near 8,737 after four consecutive sessions of losses. The market closed last week at its weakest level in almost two months, as persistent cost pressures and expectations of extended Reserve Bank tightening continued to dampen sentiment.
U.S. equity futures fell sharply as oil prices surged following weekend strikes on Saudi Arabia and Gulf shipping. Within the local market, gains in consumer non-durables, energy minerals, and commercial services helped offset declines in healthcare, manufacturing, and non-energy minerals.
Three of the four major banks posted modest gains, while energy names Woodside (up 0.8%) and Santos (up 0.9%) advanced. On the downside, BHP slipped 1.1%, Goodman Group fell 1%, Evolution Mining dropped 2.5%, and Lynas Rare Earths declined 3.3%.
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Traders are now looking ahead to comments from the RBA’s Sarah Hunter later today, as well as key activity data from China, Australia’s largest trading partner, due this week.
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