Australian shares flat as mining losses counter banks, energy boost
Australian shares were largely unchanged on Thursday, as miners partially offset strong performances in banks and energy stocks, while U.S. President Donald Trump's hint at extending the trade negotiation deadline eased concerns over imminent tariff hikes.
The S&P/ASX 200 index held its ground at 8,593 points, as of 0108 GMT. The benchmark on Wednesday touched a record-closing high of 8,592.1 points.
Overnight, Trump signalled openness to extending the July 8 deadline for trade talks before higher U.S. tariffs take effect, though he expressed doubt that an extension would be necessary.
China and the United States, Australia's top export partners, reached a framework deal, boosting investor optimism for a lasting resolution between the two superpowers and easing fears of further market disruption.
However, the lack of specific terms leaves the possibility of future tariff disputes.
Chinese export-reliant miners slipped 0.4%, set for their weakest session since June 2, if current momentum holds.
Australian shares hit record peak as US-China revive trade truce
Mining heavyweights BHP, Rio Tinto and Fortescue dropped between 0.9% and 2.4%.
Bucking the sombre trend, energy firms climbed 1.4% after oil prices hit a two-month high. The sub-index is on track for its fourth consecutive session of gains.
Index majors Woodside and Santos advanced 1.5% and 0.8%, respectively.
Financials rose 0.2%, with the 'Big Four' banks climbing between 0.1% and 0.4%.
Gold stocks tracked bullion prices higher, climbing nearly 2%.
Shares of metals miner Northern Star Resources gained about 1%.
Among corporate news, Qantas emerged as one of the top performers in the benchmark index, up 4.3%, a day after the carrier announced the closure of Singapore-based budget airline Jetstar Asia due to rising costs and competition.
In other news, the Australian defence minister expressed confidence in the AUKUS submarine pact, despite the Trump administration launching a formal review of the agreement.
New Zealand's benchmark S&P/NZX 50 index edged 0.1% lower to 12,592.86 points.
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