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-- 176.550 AU Evening Wrap: Australia Shares Fall 0.3% Amid Commodity Weakness
Market Performance
Australia's $S&P/ASX 200 (.XJO.AU)$ closed 0.3% lower at 7737.1, dragged lower by weakness in commodity stocks. With U.S. stocks providing a mixed lead, the benchmark index spent most of Tuesday's session trading in a narrow 45-point range on either side of the gain-line, before dropping to finish at a session low.
The heavyweight materials sector lost 0.9%. Gold stocks rose, but iron-ore miners $Rio Tinto Ltd (RIO.AU)$, $BHP Group Ltd (BHP.AU)$ and $Fortescue Ltd (FMG.AU)$ shed between 0.8% and 1.9%. Energy was the worst performing of the ASX 200's 11 sectors, shedding 1.6% on declines in oil stocks.
The financial sector edged 0.2% higher as banks $National Australia Bank Ltd (NAB.AU)$, $Westpac Banking Corp (WBC.AU)$ and $CommBank (CBA.AU)$ rose between 0.3% and 1.0%.
Top News
Australia's Current Account Deficit Surprises Analysts in Q1
Australia's current account balance unexpectedly turned negative in the first quarter of this year, driven by a surge in imports and weaker prices for commodity exports. According to the latest data from the Australian Bureau of Statistics, the current account deficit amounted to A$4.9 billion ($3.27 billion), much lower than the expected surplus of A$5.1 billion. Moreover, the previous quarter's surplus was revised downwards to A$2.7 billion.
Block Opts to Expand Afterpay app in Australia
US fintech company Block has revised its strategy for the Australian market, deciding against launching its Cash App and instead focusing on expanding the capabilities of its Afterpay app. The founder of Afterpay, Nick Molnar, announced that the enhanced app will include a new subscription service that enables users to "pay in four" when making purchases from any retailer.
Source: Dow Jones Newswires, AFR, ASX
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