The local bourse has finished ever-so-slightly lower in a quiet day of mostly directionless trading after an overnight holiday in the US.
The benchmark S&P/ASX200 index finished down 8.1 points, or 0.11 per cent, to 7,209.3, while the broader All Ordinaries dropped 7.8 points, or 0.11 per cent, to 7,387.3.
EToro market analyst Josh Gilbert had predicted the ASX would struggle for direction, with markets in the US closed for the Memorial Day holiday and minimal corporate and economic news.
"Investors' attention now turns to the US tonight, where the focus is finalising the debt ceiling deal", which is needed to prevent a US default, he said.
"Although a debt deal is still yet to be finalised, it feels as if markets know that the incentive to get a deal done is so significant that it's unfathomable that the deal won’t get across the line," he said.
The ASX's 11 official sectors finished mixed on Tuesday, with property the biggest mover, finishing down 0.9 per cent.
Qantas finished up 2.7 per cent to $6.59 as the flag carrier held an investor day briefing that detailed its plans to use its three new Boeing 787-9 Dreamliner aircraft, as well as Qantas's existing fleet of 11, to transform unprofitable long-haul flights into money-making routes.
New non-stop flights to destinations such as Paris, Chicago and Seattle are potential options, the airline indicated.
Wesfarmers gained 0.5 per cent to $49.30 as the Kmart and Target owner held a similar strategy day briefing.
The mining sector was up 0.2 per cent, with BHP climbing 0.3 per cent to $43.49 and Rio Tinto gaining 0.2 per cent to $109.30, while Fortescue dipped 0.2 per cent to $19.82.
Paladin Energy plummeted 19.9 per cent to 53.25c before being placed in a trading halt amid reports that Namibia - where Paladin's uranium mine is located - was considering taking minority stakes in mining and petroleum companies operating there.
The Big Four banks were all lower, with ANZ down 1.4 per cent to $23.41, CBA dropping 0.4 per cent to $99.18 and Westpac and NAB both down 0.2 per cent to $21.11 and $26.52 respectively.
The Australian dollar was buying 65.24 US cents, from 65.51 US cents at Thursday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Tuesday down 8.1 points, or 0.11 per cent, at 7,209.3.
* The broader All Ordinaries dropped 7.8 points, or 0.11 per cent, to 7,387.3.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.24 US cents, from 65.51 US cents at Monday's ASX close
* 91.59 Japanese yen, from 91.90 Japanese yen
* 61.09 Euro cents, from 60.97 Euro cents
* 52.84 British pence, from 52.96 British pence
* 107.96 NZ cents, from 107.96 NZ cents
