Key Highlights :
     Australian shares drifted in a tight range on Thursday in dull trade, as the losses in gold and tech stocks countered gains in the energy and mining sub-indexes, while investors awaited a key US inflation data. The S&P/ASX 200 index fell 0.1% to 7,118.0 by 0040 GMT. The benchmark ended 0.2% lower in the previous session.
     Globally, markets retreated from a 13-month high on Wednesday as attention turned towards next week’s pivotal US inflation data and Federal Reserve meeting, where chances of a rate hike continued to ebb. Separately, the Reserve Bank of Australia is expected to hike its key interest rate once more by the end of September to 4.35%, following a surprise hike on Tuesday and then hold policy for the rest of the year, according to economists in a snap Reuters poll.
     Local gold stocks slid 1.9% as bullion prices fell on Wednesday, weighed by an uptick in US bond yields. Newcrest Mining and Northern Star Resources declined 1.3% and 2.8%, respectively. Tech stocks declined 1.6% after the tech-heavy Nasdaq closed lower overnight. Data centre provider NEXTDC Ltd lost 2.6%.
     Energy stocks, on the other hand, rose 1.4% as oil prices climbed about 1% as Saudi Arabia’s plans for deep output cuts more than offset demand woes stemming from rising US fuel stocks and weak Chinese export data. Index heavyweights Santos and Woodside Energy climbed 1.9% and 0.8%, respectively.
     Miners gained 0.5% as traders assessed the prospects of additional stimulus from top steel producer China. Rio Tinto and BHP Group up 1.3% and 1.5%, respectively. Across the Tasman Sea, the benchmark S&P/NZX 50 index fell 0.6% to 11,759.15.
     Australian shares inched higher on Thursday ahead of the release of Gross Domestic Product (GDP) data for the June quarter. The GDP data is expected to show that the economy grew by around 4% in the June quarter, compared to the March quarter. The mining sector was the biggest gainer on the ASX, with Rio Tinto and BHP Group up 1.3% and 1.5%, respectively.
     Energy stocks also rose 1.4% as oil prices climbed about 1% as Saudi Arabia’s plans for deep output cuts more than offset demand woes stemming from rising US fuel stocks and weak Chinese export data. Index heavyweights Santos and Woodside Energy climbed 1.9% and 0.8%, respectively.
     Gold stocks slid 1.9% as bullion prices fell on Wednesday, weighed by an uptick in US bond yields. Newcrest Mining and Northern Star Resources declined 1.3% and 2.8%, respectively. Tech stocks declined 1.6% after the tech-heavy Nasdaq closed lower overnight. Data centre provider NEXTDC Ltd lost 2.6%.
     Globally, markets retreated from a 13-month high on Wednesday as attention turned towards next week’s pivotal US inflation data and Federal Reserve meeting, where chances of a rate hike continued to ebb. Separately, the Reserve Bank of Australia is expected to hike its key interest rate once more by the end of September to 4.35%, following a surprise hike on Tuesday and then hold policy for the rest of the year, according to economists in a snap Reuters poll.
     The Australian share market is likely to remain volatile in the coming days with investors awaiting the release of the GDP data and the outcome of the US Federal Reserve meeting. The market is also likely to be impacted by any further developments in the US-China trade war.