Australian shares slipped on Friday after two straight sessions of gains, with commodity-related stocks and financials leading the retreat, while investors globally awaited US jobs data for cues when the Federal Reserve will cut interest rates this year.
The S&P/ASX 200 index inched lower 0.1% to 7,822.100 by 0050 GMT, but was up 0.7% for the week.
The US nonfarm payrolls report, due later in the day, is expected to show an increase of 190,000 jobs in June after a rise of 272,000 in May, a Reuters poll of economists showed.
Markets now see nearly 50 basis points of Federal Reserve interest rate cuts in 2024, most likely starting with a 25-basis-point move in September and a second by year-end.
In Sydney, miners fell 0.3%, with analysts at Citi flagging concerns about iron ore prices. BHP Group lost 0.5%, while Rio Tinto fell 0.4%.
Energy stocks declined 0.2% after an eight-session rally.
The sub-index was on track for its best week since the week ended May 10.
Woodside Energy skidded 0.3%, while Santos lost 0.8% after Saudi Aramco said reports saying it was considering an offer for the Australian firm were inaccurate.
Australian shares hit record high; RBA cautious on inflation
Interest rate-sensitive financials shed 0.2%, with the “Big Four” banks down between 0.1% and 0.5%.
The real estate sector dropped 0.4% after two sessions of gains.
Bucking the trend, healthcare stocks rose 0.4% and information technology stocks gained 0.2%.
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