Australian shares fall as commodities drag; GDP data in focus
Sept 2 (Reuters) -Australian shares traded lower on Monday, with miners and energy stocks weighing the most, while investors await June-quarter economic growth print to gauge the outlook for interest rates.
The S&P/ASX 200 index .AXJO was down nearly 0.4% at 8,062.90 points, as of 0055 GMT, with all but two sectors in the red. The benchmark ended 0.6% higher on Friday.
The country's second-quarter GDP report, due this week, could set the stage for the Reserve Bank of Australia's interest rate trajectory when officials meet later this month.
Economic data from the United States signalled the Federal Reserve will likely cut interest rates by a smaller quantum of 25 basis points, instead of 50 bps. MKTS/GLOB
The U.S. Dow Jones Industrial Average .DJI rose 228.03 points, or 0.55%, to 41,563.08 points on Friday. The S&P 500 .SPX, .SPX gained 56.44 points, or 1.01%, while Nasdaq .IXIC gained 197.19 points, or 1.13%.
In Sydney, gold stocks .AXGD fell as much as 3% on Monday after bullion prices slumped, with the country's largest gold miner Northern Star Resources NST.AX slipping more than 2%. GOL/
Australian miners .AXMM followed suit, shedding about 0.8%, due to weaker iron prices in top steel producer China, with sector majors BHP Group BHP.AX and Rio Tinto RIO.AX trading down 0.4% and 0.7%, respectively.
Other sectors such as healthcare .AXHJ and technology .AXIJ traded down 0.5% and 0.6%, respectively.
In corporate news, retailer Endeavour Group EDV.AX fell as much as 2.3%, after Woolworths WOW.AX sold its remaining stake in the former for A$383 million.
Brent crude LCOc1 futures fell 0.6% to $76.47 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 lost 0.56% to $73.14 per barrel.
New Zealand's benchmark S&P/NZX 50 index .NZ50 fell about 0.2% to 12,426.39 points.
Reporting by Archishma Iyer in Bengaluru; Editing by Sherry Jacob-Phillips
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