Australian stocks show mixed performance amid economic data anticipation

Australian stocks displayed a mixed performance on Wednesday, with certain sectors driving gains while others faced losses. Investors were eagerly awaiting the release of the March-quarter economic growth data to gauge the market's future direction. The S&P/ASX 200 index inched up by 0.2% to reach 7,750.7, following a slight decline the previous day.

The anticipated GDP data, set for release later in the day, is expected to reveal a growth rate of 0.2% based on a Reuters poll. Recent economic indicators, such as a surprise deficit in Australia's current account for the March quarter, have raised concerns due to increased imports and lower commodity export prices, potentially impacting the GDP figures.

Positive movements were observed in the healthcare and real estate sectors, with healthcare companies leading the gains by reaching a three-week high with a 1.1% increase. Financial stocks, particularly the 'Big Four' banks, also saw a collective rise of 0.3% to 0.7% owing to their sensitivity to interest rate fluctuations.

Conversely, the mining sector experienced a 1.4% decline, nearing a one-month low, as major players like BHP, Rio Tinto, and Fortescue recorded decreases of 1.1%, 1.2%, and 0.7% respectively. This downturn was influenced by weakening demand in China, the largest consumer, and high portside inventories affecting iron ore futures.

Gold stocks witnessed a 1.8% drop due to declining bullion prices amid concerns over the US Federal Reserve's interest rate policies. Energy stocks also fell by 1.1% as global oil prices faced a decrease amidst investor worries about demand stability.

Across the Tasman Sea, New Zealand's S&P/NZX 50 index mirrored the regional trend with a 0.1% decline at 11,863.6, reflecting the broader market sentiment.

The Australian stock market exhibited a mixed performance as investors awaited crucial economic data. While certain sectors like healthcare and finance showed resilience, others such as mining and commodities faced challenges. The upcoming GDP figures will provide further insights into the market's trajectory, highlighting the importance of economic indicators in shaping investor sentiment.