Australia: Shares end lower in muted holiday trade

[SYDNEY] Australian shares fell in holiday-thinned trade on Monday, as investors awaited cues from the biggest week of the US earnings season before making further bets.

The S&P/ASX 200 index fell 0.21 per cent to 7,045.6 points, with lower-than-usual trading volumes as half the states in the country observed Anzac Day holiday.

On Wall Street, it is a big week for US earnings, with about 40 per cent of the S&P 500's market cap to report results, with quarterly earnings from tech giants including Apple, Microsoft, Facebook, Amazon and Tesla due to be released this week.

"This week's reporting in the US will be closely scrutinised, so this week it will be make or break in the equity market," Brad Smoling, managing director at Smoling Stockbroking, said.

"After Netflix results disappointed last week, investors are on high alert hoping for robust earnings from some of the world's biggest technology companies." Gold stocks tumbled 2.1 per cent, marking their worst day in over a week, even as bullion prices climbed.

Australia's biggest gold miner, Newcrest Mining and index heavyweight Northern Star Resources fell 2.9 per cent each.

Technology stocks fell 0.7 per cent, with Nuix Ltd down 3.25 per cent, followed by TechnologyOne Ltd that lost 1.52 per cent.

In contrast, miners edged 0.53 per cent higher and spared the market deeper losses, as Chinese steel futures and benchmark iron ore prices hit all-time highs, fuelled by structural supply shortage.

Markets in New Zealand were closed for the holiday.

REUTERS