Australian shares slip as miners drag; inflation data in focus
Aug 28 (Reuters) -Australian stocks edged down in early trade on Wednesday, dragged by losses in shares of miners, as investor sentiment remained muted ahead of key local inflation data amid a slew of corporate earnings.
The S&P/ASX 200 index .AXJO fell 0.4% to 8,038.4, as of 0042 GMT. The benchmark closed 0.2% lower on Tuesday.
The U.S. S&P 500 index .SPX was mostly unchanged on Tuesday, while Nasdaq .IXIC gained 29.06 points, or 0.16%. S&P 500 E-minis futures EScv1 were down 9.75 points, or 0.17%, the contract up 0.32% from the close. .N
Locally, investors are waiting for Australia's inflation data due on Wednesday, which will be crucial for the country's central bank to decide its monetary policy trajectory in the coming months.
The Aussie dollar AUD= was 0.03% stronger against the U.S. dollar to A$0.68 on Wednesday.
Miners .AXMM were the biggest laggards, falling 0.6% along with most other sectors in the red.
Mining behemoths Rio Tinto RIO.AX and BHP Group BHP.AX were down 1% and 1.3% each.
However, mining giant Fortescue FMG.AX rose 0.2%, as the world's fourth-largest iron ore miner announced a larger-than-expected dividend for fiscal 2024, along with a rise in annual profit.
Among other miners, Lynas Rare Earths LYC.AX rose 1.4% after the rare-earths miner reported better-than-expected annual profit.
Local gold stocks .AXGD rose 1.2%, as underlying bullion prices saw a rise in prices on a softer U.S. dollar. GOL/
Gold miners Northern Star Resources NST.AX and Evolution Mining EVN.AX were up 0.3% and 0.6%, respectively.
Woolworths Group WOW.AX was up 0.9%, after Australia's largest supermarket chain reported its annual profit in line with estimates and declared a special dividend.
Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 fell 0.1% to 12,440.18.
Reporting by Shivangi Lahiri in Bengaluru; Editing by Rashmi Aich
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