Australian Stocks Slip for Fourth Session

Australian shares dipped 73 points or 0.8% to 8,711 in early deals on Thursday, sliding for the fourth straight session amid weakness in most sectors, notably non-energy minerals, healthcare, process industries, and financials. Nerves persisted ahead of June CPI and PPI data in main trading partner China later in the day. Locally, Reserve Bank Assistant Governor Sarah Hunter warned that if inflation expectations rise, restoring stability may require “some period of low inflation and higher unemployment.” Still, losses were capped by U.S. stock futures that edged higher following a mixed session on Wall Street overnight as geopolitical tensions and rising oil prices weighed on sentiment. The four big banks lost between 0.8% and 1.4% while other notable decliners included heavyweight BHP Group (-1.6%), Pro Medicus (-2.7%), Wisetech Global (-2.1%), and Sonic Healthcare (-1.8%). In contrast, energy names gained, such as Woodside Energy (1.2%) and Santos (0.9%).

The ASX 200 lost 19 points or 0.2% to finish at 8,785 on Wednesday, down for the third session amid weaker U.S. stock futures following renewed tensions in the Middle East after Washington started a series of strikes against Iran Tuesday in response to attacks against three commercial vessels in the Strait of Hormuz. Nerves also persisted as top trading partner China is set to release key data Thursday, including CPI and PPI figures for June. Still, early losses were trimmed by RBA Assistant Governor Sarah Hunter, who noted economic activity stays resilient despite weaker consumer and business mood after the oil shock. Sectoral pressure was broad, with electronic tech, non-energy minerals, and industrial services dragging. BHP fell 2.3% after workers announced plans to strike on July 16 at its WA iron ore terminal, demanding recognition of specialist skills and costs. Other notable laggards included Evolution Mining (-4.2%), Mineral Resources (-3.4%), and Greatland Resources (-2.8%).

Australian stocks fell 116 points, or 1.3%, to 8,688 in Wednesday morning trade, extending losses for a third consecutive session and touching their lowest level in a week. Sentiment weakened after a negative lead from Wall Street overnight, where a broad selloff in U.S. chipmakers reflected growing concerns over the sustainability of the AI-driven rally. Investors also remained cautious ahead of China's June CPI and PPI data due later this week, with the readings expected to provide fresh clues on demand in Australia's largest trading partner. Meanwhile, markets awaited the minutes of the Federal Reserve's June meeting for further guidance on the U.S. interest rate outlook. Losses were broad-based, led by technology, materials, communication services, and financial stocks. Mining heavyweight BHP Group dropped 2.9%, while Evolution Mining slid 3.8%, Telstra lost 3.1%, and Macquarie Group fell 2.4%. The four major banks also traded lower, declining between 1.0% and 1.7%.