ASX 200 Down 0.6% at Close
The ASX 200 lost 52 points or 0.6% to finish at a one week low of 8,834 on Wednesday. Australian markets swung from prior strength after a steep drop in U.S. stock futures fueled concerns that Democrats could secure majority control of Congress in the 2026 U.S. midterm elections. Traders also turned cautious ahead of Australia’s September trade data due Thursday after the trade surplus notched to a three-month low in August as imports outpaced exports. Separately. Reserve Bank Governor Bullock warned that elevated oil prices, persistent inflation, and slowing economic growth would continue to pressure households over the coming year. Losses were broad, with tech, logistics, and manufacturing leading declines. Two of four major banks slipped after the central bank raised cash rates for the fifth time this year to a 18-year high. BHP Group (-2.9%) and Rio Tinto (-2.3%) also logged steep declines. Other major laggards were REA Group (-3.6%), Goodman Group (-3.2%), and Fortescue (-2.3%).
The ASX 200 lost 52 points or 0.6% to finish at a one week low of 8,834 on Wednesday. Australian markets swung from prior strength after a steep drop in U.S. stock futures fueled concerns that Democrats could secure majority control of Congress in the 2026 U.S. midterm elections.
Traders also turned cautious ahead of Australia’s September trade data due Thursday after the trade surplus notched to a three-month low in August as imports outpaced exports. Separately. Reserve Bank Governor Bullock warned that elevated oil prices, persistent inflation, and slowing economic growth would continue to pressure households over the coming year. Losses were broad, with tech, logistics, and manufacturing leading declines.
Two of four major banks slipped after the central bank raised cash rates for the fifth time this year to a 18-year high. BHP Group (-2.9%) and Rio Tinto (-2.3%) also logged steep declines. Other major laggards were REA Group (-3.6%), Goodman Group (-3.2%), and Fortescue (-2.3%).