FX.co ★ Australia Stocks Edge Down as Week Opens

Australian equities edged lower in early Monday trade, slipping 20 points, or 0.2%, to 8,825 and giving back part of the previous session’s rally. The pullback dragged the market off a one-week high as investors locked in profits and adopted a more cautious stance ahead of fresh job ads data and the June inflation gauge, both due later today. In China, Australia’s largest trading partner, June CPI and PPI figures are scheduled for release later this week, following May data that showed steady headline inflation but quicker gains in producer prices. Concerns about further cash rate increases also resurfaced, reinforced by the Reserve Bank’s June meeting minutes and recent comments from Governor Michele Bullock. Even so, a modest rise in U.S. equity futures helped limit losses after a strong week on Wall Street that pushed the Dow Jones to record highs. Locally, industrial services, consumer durables, and manufacturing led the declines. The major banks fell between 0.3% and 0.9%, while Genesis Minerals dropped 6.7%, Suncorp lost 3.5%, and Greatland Resources slipped 2.6%.