Australian Market Tracks Wall Street Losses

2026-08-12 00:39 By Farida Husna 1 min. read

Australian equities retreated Wednesday, with the benchmark slipping 40 points or 0.5% to 9,207 in morning trade, erasing the prior day’s modest uptick after Wall Street’s overnight weakness and stalled Strait of Hormuz talks lifted oil prices ahead of key inflation data.

Locally, the Reserve Bank kept the cash rate steady at 4.35% after three hikes this year, stressing inflation remains uncomfortably high and expectations elevated.

Sectoral weakness was led by tech services, manufacturing, consumer services, and retail, though consumer durables and logistics offered partial support.

The four major banks eased between 0.1% and 0.7%, while notable laggards included BHP Group (-0.5%), South32 (-2.7%), Computershare (-2.0%), and Bluescope Steel (-1.8%).

Market focus now shifts to testimony from Governor Michele Bullock before parliament on Friday, preceded by Assistant Governor Chris Kent’s appearance Thursday, as investors weigh policy signals against persistent inflationary pressures.



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Australian Market Tracks Wall Street Losses
Australian equities retreated Wednesday, with the benchmark slipping 40 points or 0.5% to 9,207 in morning trade, erasing the prior day’s modest uptick after Wall Street’s overnight weakness and stalled Strait of Hormuz talks lifted oil prices ahead of key inflation data. Locally, the Reserve Bank kept the cash rate steady at 4.35% after three hikes this year, stressing inflation remains uncomfortably high and expectations elevated. Sectoral weakness was led by tech services, manufacturing, consumer services, and retail, though consumer durables and logistics offered partial support. The four major banks eased between 0.1% and 0.7%, while notable laggards included BHP Group (-0.5%), South32 (-2.7%), Computershare (-2.0%), and Bluescope Steel (-1.8%). Market focus now shifts to testimony from Governor Michele Bullock before parliament on Friday, preceded by Assistant Governor Chris Kent’s appearance Thursday, as investors weigh policy signals against persistent inflationary pressures.
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