Australian Shares Pull Back but Head for Second Weekly Gain

Australian equities fell 69 points or 0.8% to 8,996 in early trade on Friday, reversing a strong rally in the previous session that lifted the market to a near two-month high. Profit-taking followed an overnight Wall Street sell-off as investors accelerated their retreat from technology stocks amid growing concerns over a potential slowdown in data-center investment. Local technology stocks came under pressure, while mining and materials shares also declined. Among individual stocks, Sandfire Resources plunged 6.4%, followed by Sims Ltd. (-6%), Goodman Group (-4%), and South32 (-3.4%). Heavyweights BHP Group and Rio Tinto also fell 3.5% and 3.2%, respectively. In contrast, the four major banks advanced between 1.3% and 3.1%. Despite the pullback, the ASX 200 remained on track for a second consecutive weekly advance, up around 1%, supported by a solid September trade surplus, recovering personal spending, and steady private credit growth.