Australian shares opened slightly lower as investors awaited the federal budget and US inflation data, mirroring subdued Wall Street performance. Interest rate-sensitive sectors like tech and real estate declined by 0.5 per cent, with the budget projecting a $9.3 billion surplus for the current financial year but anticipating larger-than-expected deficits thereafter.
At 11:30am, the S&P/ASX 200 is 0.27 per cent lower at 7,729.20.
The SPI futures are pointing to a fall of 15 points.
Best and worst performers
The best-performing sector is Health Care, up 0.5 per cent. The worst-performing sector is Consumer Staples, down 0.85 per cent.
The best-performing large cap is Ramsay Health Care (ASX:RHC), trading 1.77 per cent higher at $51.69. It is followed by shares in ALS (ASX:ALQ) and Sonic Healthcare (ASX:SHL).
The worst-performing large cap is Treasury Wine Estates (ASX:TWE), trading 2.3 per cent lower at $11.49. It is followed by shares in Seven Group Holdings (ASX:SVW) and Mercury NZ (ASX:MCY).
Commodities and the dollar
Gold is trading at US$2344.30 an ounce.
Iron ore is 0.6 per cent higher at US$117.25 a tonne.
Iron ore futures are pointing to a 0.22 per cent rise.
One Australian dollar is buying 66.00 US cents.
