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Australian equities closed largely unchanged as investors remained cautious amid uncertainty surrounding potential US-Iran peace talks. The benchmark index moved within a narrow range, reflecting subdued sentiment. Mining stocks saw slight declines, although Rio Tinto recorded gains after reporting improved iron ore sales and copper output. Energy and financial stocks also slipped, while technology and real estate sectors continued their recovery after earlier losses this year. In New Zealand, inflation remained steady at 3.1% in the first quarter, staying above the central bank’s target range and adding to regional economic concerns.
Australian shares ended nearly flat in the past trading session, as investors stayed cautious while awaiting clarity on possible peace talks between the United States and Iran. The benchmark S&P/ASX 200 index slipped marginally by 3.9 points to close at 8,949.40, continuing a trend of subdued trading with movements limited to a narrow range. Advertisement
Market sentiment remained restrained due to uncertainty around a potential second round of diplomatic discussions in the Middle East, especially as a temporary ceasefire approached its end. Reports indicated that Iran was considering participation in talks with the United States in Pakistan, although no final decision had been made. Iran’s Foreign Minister Abbas Araqchi indicated that ongoing violations of the ceasefire by the United States were creating hurdles in continuing negotiations.
According to Tony Sycamore, the mild decline in the market reflected a balance between rising geopolitical risks and continued expectations that diplomatic efforts could still result in an extended or permanent ceasefire agreement.
The mining sector recorded slight losses, with major players like BHP declining 0.3%, while gold miners also weakened. However, Rio Tinto stood out, gaining 0.8% after reporting higher iron ore shipments and improved copper production for the first quarter.
Energy stocks declined by 0.9%, tracking a drop in global oil prices amid hopes that easing geopolitical tensions could stabilise supply. Financial stocks also edged lower, with Commonwealth Bank of Australia and ANZ registering declines of 0.3% and 1.7%, respectively.
At the same time, investors continued shifting focus towards sectors that had seen significant corrections earlier. Technology stocks, which had dropped sharply in the March quarter, have recovered around 15% so far this month. Similarly, real estate stocks have risen approximately 9% after witnessing notable declines in the previous quarter, indicating selective buying interest.
In New Zealand, the benchmark S&P/NZX 50 index closed slightly lower. Data showed that annual inflation remained unchanged at 3.1% in the first quarter, staying above the central bank’s target range and signalling continued pressure on policymakers.
Source Reuters
5th Jun, 2025
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