Australia shares edge lower as heavyweight miners lose ground

Australian shares slipped on Thursday, with the S&P/ASX 200 down 0.4% at 9,118.80 as of 2326 GMT, Business Recorder reported. The retreat followed a roughly 1.4% advance across the previous three sessions, as weaker commodity prices weighed on major miners.

Mining stocks fell nearly 2%, while gold miners lost 3%; pressure on iron ore reflected anticipated steel-output restrictions in China, and bullion remained weak amid stronger expectations for higher US interest rates. Technology shares rose 3.2%, led by Xero, which climbed nearly 13% after announcing a A$1 billion share buyback and reporting a 46% increase in half-year revenue. Separately, Australia’s corporate regulator began civil penalty proceedings against Commonwealth Bank over alleged undisclosed fees charged to business customers; its shares rose 0.6%.