Australian stocks slipped 110 points, or 1.3%, to 8,675 in Thursday's morning session, reversing gains from the prior session after losses on Wall Street overnight amid renewed tensions in the Middle East. Iran reportedly launched a drone attack on Kuwait Airport following a skirmish with the U.S. Local markets retreated from a one-month high, with traders cautiously anticipating April trade data later today. In March, Australia saw the first trade gap since December 2017, as exports fell while imports jumped to a record high. Most sectors logged steep losses, with commercial services, non-energy minerals, and producer manufacturing among major laggards. Still, strength in consumer non-durables and energy minerals helped limit further losses. The four big banks dipped between 1.2% and 1.5%. Other notable decliners were mining giant BHP Group (-3.3%), Northern Star Resources (-5.6%), Lynas Rare Earths (-5.4%), and Evolution Mining (-3.9%).