16.06.202600:40:34UTC+00Australia Stocks Retreat from Over 7-Week High

Australian shares fell 70 points, or 0.8%, to 8,844 in early Tuesday trade, snapping a two-session rally as investors took profits after the local market touched a more than seven-week high in the previous session. Sentiment also turned cautious ahead of key economic releases later in the day from major trading partner China, including data on new home prices, industrial production, retail sales, and unemployment.

In the U.S., equity futures edged lower ahead of the Federal Reserve’s first policy meeting under new chair Kevin Warsh, with a rate decision due Wednesday. Losses in the local market were partly limited by expectations that the Reserve Bank of Australia would keep the cash rate on hold today, following three increases since January.

Selling was broad-based, led by transport, retail trade, logistics, and financials. Among the notable decliners were Transurban Group (-3.6%), PLS Group (-2.6%), Sonic Healthcare (-2.4%), and Bluescope Steel (-1.3%), while the four major banks fell between 0.6% and 1.8%.