Australian shares pare early losses as miners rebound
A minimum wage rise affected consumer stocks, while real estate trusts slumped over building data. -AAP Image
Australia's share market has trimmed early losses but ended the session slightly lower, with Persian Gulf tensions and underwhelming economic data weighing on confidence.
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The S&P/ASX200 fell five points on Tuesday, down 0.06 per cent, to 8,724.4, while the broader All Ordinaries slipped 3.8 points, or 0.04 per cent, to 8,966.
The market started the day on the back foot amid signs US-Iran peace negotiations were stalling, but an afternoon rebound in mining stocks helped cap losses.
Consumer stocks were under pressure after the Fair Work Commission approved a 4.75 per cent increase to the minimum wage, while real estate trusts slumped after April building approvals fell by more than expected.
The Australian dollar is buying 71.63 US cents, down from 71.83 US cents on Monday at 5pm AEST.
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