Australian Shares Fall as Banks, Real Estate Stocks Drag

Australian Shares Fall as Banks, Real Estate Stocks Drag

Australian shares fell on Tuesday, dragged by financials and real estate stocks, as investors focused on the upcoming monthly inflation print and weighed the U.S.-Iran peace deal. The S&P/ASX 200 index fell 0.5% to 8,648.40, on track for its steepest fall since May 20.

Rate-sensitive financials dropped 1.1%, set for their worst day since May 20. All four 'big four' banks dipped between 0.3% and 0.9%. The real estate sub-index slid as much as 1.8% to its lowest since May 20, with Goodman Group falling 3.7% and Scentre Group dipping 0.3%.

Other Sectors and Individual Stocks

Gold stocks slipped 0.5%, while the broader mining sub-index inched 0.1% down. Technology stocks edged 0.4% lower. Bucking the trend, energy and healthcare stocks inched 0.1% higher.

Among individual stocks, bourse operator ASX slumped 9.1%, set for its worst session since early June 2023, as it expects higher fiscal 2027 expenses.

New Zealand and Global Outlook

In New Zealand, the benchmark S&P/NZX 50 index rose 1.2% to 13,119.79, on track for its best day since May 19. The Reserve Bank of New Zealand's monetary policy committee is scheduled to meet on Wednesday, with strong bets for the cash rate to remain steady at 2.25%.