Australian shares slipped on Friday, tracking global losses as investors digested US President Donald Trump’s imposition of tariffs on automobile imports, while local investors awaited the country’s central bank meeting next week.
The S&P/ASX 200 index slipped 0.3% to 7,943.90, as of 2337 GMT.
The benchmark is set for its second consecutive session of losses, but still set to end the week 0.1% higher.
Trump on Wednesday unveiled a 25% tariff on imported cars and light trucks starting April 3, the day after he plans to announce reciprocal tariffs, though the US administration has indicated not all of the threatened levies would be imposed.
Wall Street ended lower on Thursday as investors fret over potential disruptions to supply chains amid tariff-related uncertainty.
Meanwhile, the Reserve Bank of Australia is set to meet for two days, starting March 31, in order to decide on its key interest rate. Markets do not price in another full rate cut until July.
Technology stocks were a major laggard on the local bourse, dipping 1.2%, with Xero declining 2%.
Banks lost 0.5%, with the ‘Big Four’ banks slipping between 0.2% and 0.6%. However, the financial sub-index is still on track to record a second consecutive weekly gain.
Miners helped limit losses on the benchmark, gaining 0.2%, tracking higher prices of iron ore, buoyed by seasonal steel demand in top consumer China.
Australian shares on track to snap 5-day rally as financials weigh
The mining sub-index is set for its fourth week of consecutive wins, rising 0.6% so far.
Major miners Rio Tinto, BHP and Fortescue rose around 0.1%, each. Gold stocks advanced 2.5%, with Northern Star Resources jumping 3.1%.
The sub-index is on track for a fourth straight weekly gain, up 2.8% so far.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index was largely flat at 12,307.8.
American Dollar Exchange Rate