AU Morning Wrap: Australian Shares Dip Ahead of Inflation Report

$NVIDIA(NVDA.US)$ shares rebounded on Tuesday, lifting the S&P 500 and Nasdaq Composite, following a sell-off in the chipmaking giant the day before.

The broad market $S&P 500 Index(.SPX.US)$ close at 5,469.30, up 0.39%, while the $Nasdaq Composite Index(.IXIC.US)$ advanced 1.26%. Both indexes ended three days of declines. The $Dow Jones Industrial Average(.DJI.US)$ lagged, losing 0.76%.

Australian equities experienced a downturn at the start of today's session, echoing the previous declines seen in European markets and the Dow Jones Industrial Average in New York. As of nearly 10 a.m., the $S&P/ASX 200(.XJO.AU)$ index has retreated by 21 points, or 0.3%, sinking to 7817.

Leading the downward momentum in the early trading hours, the mining sector has encountered significant pressure, particularly lithium companies. Shares of $Arcadium Lithium PLC(LTM.AU)$ and $Liontown Resources Ltd(LTR.AU)$ have tumbled by approximately 5%, while $Mineral Resources Ltd(MIN.AU)$ and $Pilbara Minerals Ltd(PLS.AU)$ have seen a decrease of around 2%.

In anticipation of the impending data, $ANZ Group Holdings Ltd(ANZ.AU)$'s market analysis indicates that bond traders are factoring in the Reserve Bank of Australia's initial interest rate reduction to occur by July 2025. Additionally, there appears to be a subtle 16% probability of an interest rate hike by September 2024.

The $AUD/USD(AUDUSD.FX)$ is trading at US66.46¢, a decrease of 0.02%.

As of latest data, $Bitcoin(BTC.CC)$ is priced at $61,707, up by 2.21% in the past 24 hours, while $Ethereum(ETH.CC)$ is priced at $3,390, up by 1.08% in the past 24 hours.

Steve McCann, the former CEO of Crown Resorts, has stepped into the leadership role as the new Group CEO of the challenged casino operator, $The Star Entertainment Group Ltd(SGR.AU)$. In the wake of this announcement, Star Entertainment's shares experienced a modest uptick, rising 1.1 percent to close at 47¢.

The pathology services provider, $Healius Ltd(HLS.AU)$, witnessed a 6 percent decline in its share price, dropping to $1.41. This downturn follows the company's recent financial performance update, which was made public yesterday.

Trading of shares in $Bannerman Energy Ltd(BMN.AU)$, a uranium project developer, has been temporarily suspended. The halt comes as the company prepares to announce a forthcoming capital raising initiative.