Australian Equities Slip Further but Heads for Third Weekly Gain

Australian stocks fell 73 points, or 0.8%, to 9,074 in Friday morning trade, extending prior losses amid broad-based declines, led by logistics, tech, and non-energy minerals. Caution prevailed ahead of next week's October labor data after unemployment stayed near a five-year high in September as employment eased. Higher borrowing costs in both the U.S. and Australia also dampened appetite for risk assets. A negative lead from Wall Street added to the pressure after the fallout from Nvidia’s leadership upheaval. SGH Ltd. (-3.2%), Codan Ltd. (-2.5%), and Qantas Airways (-1.9%) were among notable laggards. The big four banks fell 0.1—0.6%, while BHP Group slipped 0.7% on weaker iron ore prices and a stronger U.S. dollar. Still, the ASX 200 remained on track for a third consecutive weekly gain, up around 0.7% so far, lifted by sustained buying interest and signs of stronger policy support from top trading partner China to bolster domestic demand amid domestic and external headwinds.