Australian shares eased slightly in cautious trade ahead of domestic employment data and the US Federal Reserve's rate decision later on Wednesday, with resource stocks as top drags.[BENGALURU] Australian shares eased slightly in cautious trade ahead of domestic employment data and the US Federal Reserve's rate decision later on Wednesday, with resource stocks as top drags.
"Higher unemployment rate or much slower jobs growth - that could be the sort of thing that makes economists talk about the possibility for a rate cut in October," said Steven Daghlian, market analyst at CommSec.The US Federal Reserve concludes its two-day policy meeting on Wednesday, and economists widely expect it will cut its benchmark rate for the second time this year by a quarter percentage point.
The world's largest miner BHP Group, which also has a huge exposure to oil, slipped almost 1 per cent and weighed on the main benchmark. Gains in the technology and healthcare sectors helped to slightly offset losses among resource stocks, falling about 2 per cent and 1 per cent, respectively.
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