SYDNEY/WELLINGTON: Australian shares plunged for a second straight session on Tuesday, weighed by weakness in metals, mining and energy stocks.
The S&P/ASX 200 index was down 12.5 points to 5,511.5 by 0110 GMT. The benchmark lost 0.5 percent on Monday.
An improving U.S. economy would mean a stronger dollar, while weaker commodity prices going forward would make resource investors even more cautious, he said.
On Wall Street overnight, both the S&P 500 and the Dow industrials edged up to fresh closing highs.
Mining stocks Beadell Resources, Atlas Iron , BC Iron and Regis Resources were the biggest losers on the index, falling as much as 11 percent.
BHP Billiton, Rio Tinto, Newcrest Mining and Fortescue Metals fell 1.5 to 5 percent.
New Zealand’s benchmark NZX50 index stayed on its record-setting path, powering 0.5 percent higher to 5,506.48 before slightly trimming its gains.
The market’s strong dividend yield and the country’s solid economic outlook have driven demand for local stocks, especially given the low interest rate environment.
Top stock Fletcher Building climbed further from its recent soft spot to add 0.4 percent to a three-week high of NZ$8.63, while second-ranked stock, telco Spark, was 2.7 percent higher at NZ$3.24, a six-and-a-half year high.
Utilities investor Infratil was up 2 percent to NZ$3.09, a near-seven year high, after reporting a solid lift in its first half profit on asset sales.
