Australia: Shares inch lower as healthcare boost offsets subdued financials

[BENGALURU] Australian shares edged lower in early trade on Friday, with broad weakness among the big banks offsetting gains by the country's export-focused healthcare stocks, including biotech major CSL.

The benchmark ASX 200 index dipped 0.1 per cent to 7,421.9 within the first hour of trade in low volumes. The index is set to post a fourth weekly rise if its minor gains hold.

CSL, one of Australia's largest companies, rose 1.5 per cent, while the country's "Big Four" banks fell between 0.4 per cent and 0.9 per cent. ResMed's local shares jumped around 6 per cent after its first quarter earnings beat estimates.

Macquarie beat expectations with a record first half profit - more than double the previous year's - powered by volatile commodity markets, though its shares were halted ahead of a A$1.5 billion placement.

Westpac Banking Corp on Monday will report full year results, after Australia and New Zealand Banking Group kicked things off on Thursday.

Australia's central bank on Friday again declined to defend its 0.1 per cent 2024 bond yield target, reinforcing expectations that the central bank would announce some revision of the target at its November policy meeting next week.

New Zealand's benchmark NZX 50 index rose over 0.3 per cent to 13,011.21 points with diary producer a2 Milk firming around 3 per cent.

Elsewhere, Japan's Nikkei was up 0.12 per cent and S&P 500 E-minis futures were down 0.27 per cent.

REUTERS