Australian shares flat as cautious trade continues

[Pelican Press 0]

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*********** shares flat as cautious trade continues

The *********** share market is trading flat as concerns about United States trade policy and its spiralling debt weigh on confidence.

The S&P/ASX200 edged three points higher, or 0.04 per cent, to 8364, while the broader All Ordinaries was up 3.3 points, or 0.04 per cent, to 8,592.1.

While US markets were closed for a bank holiday, a delay to President Donald Trump’s threatened 50 per cent tariffs on European Union goods helped Germany’s DAX push 1.7 per cent higher as the French CAC gained 1.2 per cent, and the EuroStoxx 50 lifted 1.3 per cent.

S&P500 futures are pointing to a nearly 0.9 per cent gain when Wall Street reopens on Tuesday.

As the local bourse struggled to find its feet, six of 11 sectors were trading higher, led by energy stocks, up 1.1 per cent despite a slight fall in oil prices ahead of an OPEC+ meeting later this week.

Uranium plays Paladin and Boss Energy were rallying for a third straight day after the US flagged plans to boost its nuclear energy capabilities, while coal miners including Yancoal and Whitehaven also helped lift the sector.

A tentative 0.2 per cent lift in financials hinted at the broader market sentiment, as all big for banks edged up to 0.2 per cent higher.

Miners weighed on the local bourse as the materials sector fell 0.7 per cent, with iron ore heavyweights Fortescue, BHP and Rio Tinto all shedding 0.6 per cent or more.

There was no relief to be found in gold miners, with Northern Star down 1.7 per cent as the safe haven held relatively steady from yesterdays ASX close to trade at $US3,334 ($A5,140) an ounce.

Utilities were bleeding lower for a second straight day, down 0.6 per cent, as Origin continued downward, losing 1.4 per cent after shedding 2.4 per cent on Monday to $10.36.

Telstra fell 0.4 per cent to $4.71 as the telco’s fresh connectivity and growth strategy, along with improved earnings and cash flow guidance, failed to wow investors.

The *********** dollar has eased after hitting a six-month high on Monday to buy 64.86 US cents, as concerns about US debt continue to weigh on confidence in the greenback and US assets.

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