FX.co ★ Australian Stocks Lift Modestly as Week Begins

Australian shares edged up 24 points, or 0.3%, to 8,820 in early trade on Monday, snapping a two-session losing streak as gains in energy minerals, consumer services, and consumer non-durables underpinned the market. Support also came from firmer S&P 500 and Nasdaq futures, following Wall Street’s decline on Friday amid concern over Chinese advances in artificial intelligence that have raised questions about the durability of this year’s tech-led rally.

Investors were also watching for today’s monthly lending rate decision in China, Australia’s largest trading partner. On the domestic front, upcoming labor market data this week are set to gauge sentiment after May’s strong employment growth contrasted with an unemployment rate hovering near a four-year high.

Among individual stocks, South32 gained 0.5% after beating its annual production guidance. Mining heavyweight BHP inched up 0.2%, while the big four banks rose between 0.4% and 0.9%. By contrast, gold miners underperformed, with Northern Star down 1.4% and Evolution losing 2%, dragging on the sector.