July 16, 2024 at 02:45 am EDT
(MT Newswires) -- Australian shares retreated on Tuesday, as weak Chinese economic data weighed down sentiment for commodities.
The S&P/ASX 200 Index slid 18.30 points, or 0.2%, to 7,999.30.
"The more cautious tone comes from yesterday's disappointing batch of Chinese economic data, which has weighed on commodity prices and the heavyweight ASX 200 materials sector," said Tony Sycamore, market analyst at IG.
China reported a 4.7% growth in second-quarter gross domestic product, below consensus expectations of a 5.1% rise, CNBC reported.
The miner-heavy materials counter fell nearly 1% in Tuesday's session, the biggest loss among the sectors on the Australian bourse.
In company news, Rio Tinto (ASX:RIO) reported a 2% on-year rise in Pilbara iron ore shipments to 80.3 million tonnes and a 2% on-year fall in iron ore production to 79.5 million tonnes in the second quarter. Also, the company satisfied all conditions, including regulatory approvals, to develop the Simandou iron ore deposit in Guinea. Shares of Rio Tinto were down 2% Tuesday.
Cooper Energy (ASX:COE) reported total oil and gas revenue of AU$219.1 million in fiscal 2024 year to date, up 11% from a year earlier. Shares of the oil and gas explorer closed 1% higher.

Sumber : MT Newswires