Australian stocks are falling on weak Chinese data. The US jobs report takes center stage

Australian shares fell on Friday, led by heavyweight mining companies, after weaker economic data from China, its main trading partner, while investors focused on the US jobs report after inflation data came in line with consensus.

The S&P/ASX 200 index fell 0.4% to 7275.4 by 0127 GMT after four straight sessions of gains. The index has gained about 2.3% since the beginning of the week, heading towards its best week since mid-July.

China’s manufacturing activity contracted for the fifth straight month in August and the expansion of the services sector lost momentum, keeping pressure on authorities to provide more support to boost economic growth.

Overall, investors remained upbeat as US inflation data matched estimates, confirming expectations that the Federal Reserve may pause monetary policy tightening this month.

In Sydney, mining shares fell 0.7% after copper prices fell overnight following weak manufacturing data in China.

Sector heavyweights BHP and Fortescue lost 0.8% and 5.3%, respectively.

Fortescue shares also fell after local media reported that Jay Debelle, the former chief financial officer of the green energy unit, had left the unit’s board to join Tefan Minerals Co. Ltd.

Gold stocks lost 1.1%, with the main players in the sector, Newcrest Mining and Northern Star Resources, declining 1.5% and 1%, respectively.

Health and financial stocks lost 1.4% and 0.5%, respectively. The country’s four largest banks lost approximately 0.4% to 1%.

Energy stocks rose 1.3%, supported by higher crude oil prices in the United States. Woodside Energy and Whitehaven Coal rose 0.8% and 2.4%, respectively.

Meanwhile, shares of Ampol Ltd, Australia’s largest fuel supplier, fell 2.7% in earnings trading.

Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index fell 0.37% to 11,511.44.