The Australian share market has edged lower, pulled down again by mining and energy stocks tracking the fall in commodity prices.
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The benchmark S&P/ASX200 index on Tuesday ended down 10.6 points, or 0.13 per cent, at 8,255.6, while the broader All Ordinaries finished 3.7 points, or 0.04 per cent lower, at 8,515.2.
The downward move defied a positive lead from Wall Street, which built on record highs overnight. The S&P500 closed above the 6,000 barrier for the first time, while the Dow Jones gained 0.7 per cent.
After experiencing its best week since August following Donald Trump's re-election to the White House, it was the second negative session in a row for the local bourse as traders contemplate the uneven impact of the president-elect's policies.
As commodity prices sagged off the back of unfavourable "Trump trades", miners and energy stocks weighed down the index, falling 1.9 and 1.1 per cent respectively.
Mr Trump had made "drill, baby, drill!" a core tenet of his agenda, raising the prospect of greater US oil output, in turn causing crude prices to tumble, said Capital.com senior financial market analyst Kyle Rodda.
De-escalation murmurs in the Middle East also weighed on the oil price.
Iron ore and copper prices continued to decline following a disappointing stimulus announcement and a lacklustre inflation report out of China over the weekend.
But local shares clawed back bigger losses earlier in the session after news dropped the Chinese government would tip fresh support into its ailing housing market by cutting homebuyer taxes.
"Once again, while welcomed, the policy is considered modest and arguably too incremental," Mr Rodda said.
BHP retreated 1.8 per cent to a seven-week low, Rio Tinto slipped 1.6 per cent and Fortescue gained 0.1 per cent.
Goldminer Evolution Mining fell 4.5 per cent after bullion prices were also pushed lower by the rising US dollar.
Shares in Paladin Energy plunged by more than a quarter after the uranium miner cut its production guidance because of challenges at its Langer Heinrich mine in Namibia.
Seven of the nine remaining ASX industrial sectors were in the black with IT stocks the star performers.
Wisetech jumped 1.8 per cent, NextDC rose 1.6 per cent and Xero was one per cent higher.
Financials firmed 0.2 per cent, with CBA gaining 0.3 per cent to close above the $150 mark for the first time.
NAB fell three per cent as it went ex-dividend, Westpac climbed 0.3 per cent and ANZ was 1.3 per cent higher.
Afterpay owner Block jumped 10.7 per cent following a similar leap in its US-listed shares overnight after positive coverage from analyst Piper Sandler.
Grocery giant Coles edged 0.1 per cent higher as the company faced questions about how it was mitigating reputation challenges, after coming under scrutiny from politicians and regulators over pricing.
Chairman James Graham said it was disappointing cost-of-living issues were being "politicised".
"I do think there has been a wider ambition of some behind those inquiries to seek to perhaps provide answers to more difficult issues which have been arising from ... inflation," he told shareholders at the company's AGM.
While shareholders voted with Mr Graham and his board on all resolutions put to them, fund manager Platinum experienced a less positive reception, copping an embarrassing second strike.
More than half of shareholders voted down the company's remuneration report, although spared the board from a subsequent spill.
Platinum shares fell 0.9 per cent.
Bitcoin continued to surge higher, buoyed by hopes of less regulation under Mr Trump, approaching the $US90,000 ($A137,000) mark for the first time.
"The crypto complex is firing and if history is any guide, bitcoin could easily finish the year around $US100,000," Mr Rodda said.
The Australian dollar was approaching a three-month low at 65.55 US cents, from 65.93 US cents at Monday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday down 10.6 points, or 0.13 per cent, at 8,255.6.
* The broader All Ordinaries fell 3.7 points, or 0.04 per cent lower, to 8,515.2.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.55 US cents, from 65.93 US cents at Monday's ASX close
* 100.61 Japanese yen, from 101.25 Japanese yen
* 61.58 Euro cents, from 61.54 Euro cents
* 51.03 British pence, from 51.06 pence
* 110.00 NZ cents, from 110.36 NZ cents.
Australian Associated Press