FX.co ★ Australian Stocks Subdued But Head for Monthly, Quarterly Gains

Australian shares were little changed, trading around 8,823 in early dealings on Tuesday and stabilising after two consecutive sessions of gains, as investors awaited the Reserve Bank’s June meeting minutes later in the day for further signals on the policy outlook. Market participants were also focused on June PMI data from China, expected to provide insight into demand from Australia’s largest trading partner.

U.S. equity futures edged lower after Wall Street’s strong overnight advance, with signs of easing tensions between the United States and Iran helping to underpin broader risk appetite. Strength in technology, consumer, and commercial services stocks offset softness among miners and energy names.

The big four banks gained between 0.9% and 1.4%, while Computershare rose 2.6% and Pro Medicus added 1.9%. In contrast, heavyweight BHP Group slipped 0.7% and Telstra fell 1.4%.

The ASX is up about 1% so far in June and is on track for a third consecutive monthly advance, supported by resilient consumer spending and a recovery in employment. The benchmark index is also heading for its first quarterly gain in three, currently up around 4%.