Australian shares are edging lower despite modest overnight gains in the US and Europe and ahead of the latest minutes from the Reserve Bank of Australia later this morning.
The S&P/ASX 200 is 0.1 per cent, or 7 points, lower at 7743.7.
The index is being weighed down by health stocks and the major banks, with Commonwealth Bank down 0.5 per cent early in trade. Those losses are offsetting gains from energy stocks, which are up 1.1 per cent as oil holds near a two-month-high amid geopolitical and supply concerns related to hurricane Beryl in the Gulf of Mexico.
Coal stocks have also remained buoyant after rallying yesterday on supply constraints following the halting of mining at a Queensland coking coal operation.
The RBA’s latest meeting minutes will be released at 11.30am. Ahead of the minutes, market data from ANZ shows traders are pricing a 70 per cent chance of a rate hike from Australia’s central bank before the end of the year.
Overnight in New York, shares rose led by the megacap tech. Apple rallied near 3 per cent on reports it is preparing for a surge in iPhone 16 orders. Tesla leapt more than 6 per cent. Microsoft and Amazon each rose at least 2 per cent.
French stocks rebounded more than 1 per cent after right-wing parties won a lower-than-expected percentage of votes in Sunday’s first round of parliamentary voting in France.
Stocks in focus
Bendigo and Adelaide Bank slipped 0.7 per cent to $11.33 after chief executive Marnie Baker announced she’s stepping down after 35 years with the bank.
Ramelius Resources has upped its stake in fellow ASX gold play Spartan Resources to nearly 18 per cent. Ramelius shares are flat and Spartan Resources are 0.5 per cent higher at 94c.
ASX telco Superloop is expected to hit the top end of its full-year earnings guidance. Underlying earnings for FY24 are expected to near or surpass its $53 million top-end forecast. Shares are 2.9 per cent higher at $1.60.
Lithium developer Liontown Resources has halted shares ahead of trading this morning. The company requested the halt pending an announcement “in connection with funding arrangements”. Shares are expected to begin trading again on Thursday, July 4.
Shares in Baby Bunting are up 1 per cent following a stellar two-day run for the maternity and baby goods retailer, which has left some market watchers scratching their heads.