Australian Shares Pare Early Losses on June 1 as Mining Stocks Rebound

The S&P/ASX 200 index erased most of its early-session decline on June 1, recovering to trade nearly flat by mid-day as a rebound in resource stocks offset weakness in financials. The benchmark fell 0.3% shortly after the open before staging a recovery. Heavyweights BHP Group (BHP) and Rio Tinto (RIO) turned positive, supported by a bounce in iron ore futures. In contrast, Commonwealth Bank (CBA) declined, keeping a lid on the broader market. The turnaround mirrored improving sentiment across Asia after China released better-than-expected manufacturing data. The Australian dollar was little changed against the US dollar.