Australia: Stocks Fall for 3rd Session Ahead of Federal Budget.

Australian shares lost 28 points or 0.3% to 8,674 in early Tuesday trade, marking a third straight retreat as weaker U.S. futures weighed on sentiment. Pressure weighed after President Donald Trump warned the ceasefire with Iran was “on life support,” rejecting Tehran’s counterproposal to end the war and signaling the conflict could drag on. Traders continued to adopt a cautious stance ahead of the release of Australia’s 2026 federal budget later today, as Treasurer Jim Chalmers warned global conflicts and persistent inflation were keeping the economy “hostage.” Market participants also braced for May consumer confidence data and April business sentiment, adding to caution across risk assets. Most sectors moved lower, with major laggards including commercial services, financials, logistics, and consumers. The big four banks slid between 1.6% to 2.5%. Other notable decliners were CSL Ltd. (-3.4%), Brambles Ltd. (-2.5%), and Woolworths Group (-2.2%).