Australian Stocks Halt 3-Day Losses

Australian shares edged up 12 points or 0.2% to 8,994 around midday Thursday, snapping a three-session slide after Wall Street rebounded from losses driven by rising Treasury yields and renewed U.S.–Iran tensions. Bargain hunting emerged after local markets hit a four-week low, lifting most sectors, notably non-energy minerals, manufacturing, and industrials. However, gains were capped by trade data showing the surplus narrowed to AUD 1.9 billion in July as exports fell faster than imports. Meanwhile, stronger-than-expected Q2 GDP figures reinforced expectations that the Reserve Bank will raise rates at this month’s meeting. The big four banks rose between 0.5% and 1.5%, while PLS Group gained 3.0%, Fortescue 2.7%, and Orica 2.2%. In contrast, heavyweight BHP Group slipped 1.1%.

Australia’s ASX 200 fell 88 points, or 1.0%, to end at 8,978 on Wednesday, its third straight loss and a four-week low, as sentiment soured after Wall Street extended falls for the third session Tuesday amid renewed Middle East conflict, which lifted oil prices and stoked inflation fears and rate-hike bets. Locally, worries over supply disruption and inflation kept traders edgy, with markets pricing in nearly a 60% chance of an RBA hike later this month. Traders also braced for July trade data due Thursday after June’s strong exports and subdued imports. Still, losses were capped by stronger-than-expected Q2 GDP data, driven by private demand and mining exports. Sectoral weakness was broad, led by non-energy minerals, commercial services, and consumer names. BHP Group (-3.6%) and Rio Tinto (-1.9%) dragged miners lower, while weaker bullion hit Northern Star Resources (-5.0%) and Evolution Mining (-1.9%). In contrast, Woodside Energy rose 1.2%, and the big four banks added 0.2% to 0.5%.

Australian shares slumped 118 points or 1.3% to 8,950 in early Wednesday trade, marking a third straight session of decline and the lowest level in a month. Overnight losses on Wall Street pressured sentiment, with surging bond yields and higher oil prices stoking inflation and rate-hike fears. Locally, caution mounted ahead of Q2 GDP data due later today, with growth expected to stay sluggish after last quarter’s weakest pace in a year. Meanwhile, July trade figures are also due Thursday following June’s export surge and subdued imports. Losses were broad, led by commercial services, non-energy minerals, healthcare, and consumer stocks. Heavyweights BHP Group (-2.8%) and Rio Tinto (-1.3%) dragged, alongside Northern Star Resources (-4.7%), Evolution Mining (-4.2%), and Pro Medicus (-3.6%). Meanwhile, the big four banks eased modestly. Energy names bucked the trend, with Woodside Energy up 2.0% and Santos climbing 1.3%, helping cap the overall decline.