ASX 200 Slides Near 1% for Week

The ASX 200 slipped 14 points, or 0.2%, to finish at 9,006 on Friday, reversing modest gains in early deals and ending the week down almost 1%, as stronger-than-expected Australia's GDP readings in Q2 revived fears of another rate hike by the Reserve Bank later this month. Sentiment also turned cautious ahead of key data due next week in top trading partner China, notably August CPI and PPI, as well as trade performance. Meanwhile, traders were on edge as the U.S. payrolls report looms large. Losses in energy minerals, utilities, and industrials weighed, though strength in non-energy miners, tech, and healthcare helped limit declines. Energy names lagged, with Ampol tumbling 5.5% while Woodside (-1.4%) and Santos (-0.7%) also fell. Heavyweight BHP Group (-2.2%), Computershare (-2.9%), PLS (-2.3%), and Xero (-1.7%) also retreated. In contrast, financials provided support, with the big four banks posting modest gains, while select tech stocks advanced.

Australian stocks added 18 points or 0.2% to 9,037 in early trade on Friday, building gains from the prior session following overnight gains on Wall Street as Treasury yields pulled back after Fed Waller said he’d be “inclined to support” holding rates steady barring any surprises in upcoming inflation data. Locally, August services growth was revised higher amid improving confidence that came close to its level before the outbreak of war in the Middle East. Most sectors advanced, led by non-energy minerals, tech, and healthcare. Among major performers were Cochlear Ltd. (2.9%), Perseus Mining (2.1%), and JB Hi-Fi Ltd. (1.5%). The four big banks added between 0.4% and 1.0%. For the week, however, domestic markets are on track to post a decline, down around 0.7% so far following prior gains, dragged by worries that the Reserve Bank may deliver another rate hike at its meeting later this month following stronger-than-expected Q2 GDP data.

The ASX 200 gained 42 points, or 0.5%, to end at 9,020 on Thursday, rebounding from declines in the prior three sessions amid bargain hunting after Australian markets fell to a four-week low due to Q2 GDP data that reinforced views that the Reserve Bank may deliver another rate hike at its meeting later this month. In top trading partner China, private-sector activity accelerated in August from July’s four-month low, with stronger output and new orders for both manufacturing and services sectors. Non-energy minerals led gains, followed by financials, manufacturing, and communications, though losses in energy minerals, consumer durables, and healthcare capped the advance. Gold miners rallied, with Northern Star Resources and Evolution Mining each up 2.6%. The big four banks rose 1%–2%, while Lynas Rare Earths climbed 2.4%. In contrast, Corporate Travel plunged 84% to a near 14-year low after trading resumed following a year-long suspension over missed financial reporting deadlines.