Australian shares dropped 54 points or 0.6% to 8,907 in early deals on Monday, marking losses for the second straight session amid a sharp retreat in U.S. stock futures as Washington prepared a blockade on Iranian port traffic after talks between the U.S. and Iran failed to produce an agreement to end the conflict in the Middle East. Caution also grew ahead of March labor market data in Australia after February’s jobless rate unexpectedly rose and hit a three-month high. Focus is further set on China, Australia’s top trading partner, which will release March trade and activity figures along with Q1 GDP later this week. Nearly all sectors weakened, led by consumer non-durables, commercial services, transport, and manufacturing. Major laggards included Evolution Mining (-3.9%), Northern Star (-3.2%), Qantas (-2.5%), and Technology One (-2.3%). In contrast, energy stocks outperformed, with Woodside Energy up 3.4% and Santos gaining 2.2%.

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