Australia Stocks Set to Post First Weekly Drop in 3 Weeks

2026-06-05 00:57 By Farida Husna 1 min. read

Australian shares fell 38 points or 0.4% to 8,648 in early Friday trade, extending weakness from the prior session as U.S.

equity futures softened after a sharp sell-off in Wall Street tech stocks overnight.

Little progress in U.S.-Iran peace talks also weighed on investor sentiment.

The local market is on track for its first weekly decline in three weeks, down about 1% so far, with caution building ahead of the Reserve Bank’s policy decision later this month.

Meanwhile, recent data showed inflation remained elevated at 4.2% in April, above the 2–3% target, while Q1 GDP growth slowed markedly.

Still, losses were offset by April trade data indicating a return to a surplus in Australia, lifted by an export recovery and weaker imports.

Non-energy minerals, energy minerals, and consumer non-durables led sectoral weakness.

Notable laggards included BHP Group (-2.3%), PLS Group (-3.0%), South32 Ltd. (-2.7%), and Evolution Mining (-2.0%).

The four big banks also slipped between 0.5% and 0.9%.



News Stream
Australia Stocks Set to Post First Weekly Drop in 3 Weeks
Australian shares fell 38 points or 0.4% to 8,648 in early Friday trade, extending weakness from the prior session as U.S. equity futures softened after a sharp sell-off in Wall Street tech stocks overnight. Little progress in U.S.-Iran peace talks also weighed on investor sentiment. The local market is on track for its first weekly decline in three weeks, down about 1% so far, with caution building ahead of the Reserve Bank’s policy decision later this month. Meanwhile, recent data showed inflation remained elevated at 4.2% in April, above the 2–3% target, while Q1 GDP growth slowed markedly. Still, losses were offset by April trade data indicating a return to a surplus in Australia, lifted by an export recovery and weaker imports. Non-energy minerals, energy minerals, and consumer non-durables led sectoral weakness. Notable laggards included BHP Group (-2.3%), PLS Group (-3.0%), South32 Ltd. (-2.7%), and Evolution Mining (-2.0%). The four big banks also slipped between 0.5% and 0.9%.
2026-06-05
ASX 200 Drops 1% at Close
The ASX 200 fell 100 points, or 1.1%, to finish at 8,686 on Thursday, shifting from gains in the prior session and retreating from a one-month peak as profit-taking set in. Meanwhile, geopolitical tensions in the Middle East resurfaced after Tehran struck Kuwait’s airport, and U.S. forces hit targets near the Strait of Hormuz. Locally, the Reserve Bank of Australia signaled vigilance as headline inflation held at 4.2% in April, above its 2–3% band, and Q1 GDP growth slowed sharply. Still, losses were cushioned by April trade data showing Australia returned to surplus, driven by a rebound in exports and weaker imports. Commercial services, non-energy minerals, and manufacturing drove the losses. BHP and Rio Tinto shed 3.2% and 3.7%, their weakest since mid-May after record highs a day earlier. Tech names tracked Nasdaq weakness, with WiseTech down 5% and Xero off 3%. However, energy stocks bucked the trend as oil prices rose, lifting Woodside Energy (0.3%) and Santos (0.8%).
2026-06-04
Australia Shares Follow Wall Street Lower
Australian stocks slipped 110 points, or 1.3%, to 8,675 in Thursday's morning session, reversing gains from the prior session after losses on Wall Street overnight amid renewed tensions in the Middle East. Iran reportedly launched a drone attack on Kuwait Airport following a skirmish with the U.S. Local markets retreated from a one-month high, with traders cautiously anticipating April trade data later today. In March, Australia saw the first trade gap since December 2017, as exports fell while imports jumped to a record high. Most sectors logged steep losses, with commercial services, non-energy minerals, and producer manufacturing among major laggards. Still, strength in consumer non-durables and energy minerals helped limit further losses. The four big banks dipped between 1.2% and 1.5%. Other notable decliners were mining giant BHP Group (-3.3%), Northern Star Resources (-5.6%), Lynas Rare Earths (-5.4%), and Evolution Mining (-3.9%).
2026-06-04