ASX 200 Logs 3rd Weekly Gain Despite Further Daily Loss

The ASX 200 fell 65 points, or 0.7%, to close at 9,082 on Friday, extending losses the day before. Sentiment weakened as Nasdaq futures slipped after Wall Street losses Thursday, following Nvidia CEO Jensen Huang’s exit amid an ongoing scandal. Higher oil prices also weighed after US President Trump said a deal with Iran was unnecessary. Caution prevailed ahead of next week’s October labor data, following a high September jobless rate and a drop in employment. Gold miners slid on weaker bullion prices, with Northern Star Resources and Evolution Mining down 2.8% and 2.9%, respectively. BHP Group lost 1.3%, and Rio Tinto shed 0.7% on weaker iron ore prices and a firmer U.S. dollar. Meantime, the big four banks were mixed, while Ampol rose 0.7%. Still, the index rose 0.7% for the week, marking its third weekly rise on sustained buying interest and hopes that the RBA could pause its tightening cycle after five rate hikes this year and recent weakness in consumer and business sentiment.

Australian stocks fell 73 points, or 0.8%, to 9,074 in Friday morning trade, extending prior losses amid broad-based declines, led by logistics, tech, and non-energy minerals. Caution prevailed ahead of next week's October labor data after unemployment stayed near a five-year high in September as employment eased. Higher borrowing costs in both the U.S. and Australia also dampened appetite for risk assets. A negative lead from Wall Street overnight added to the pressure after the fallout from Nvidia’s leadership upheaval. SGH Ltd. (-3.2%), Codan Ltd. (-2.5%), and Qantas Airways (-1.9%) were among major laggards. The big four banks lost 0.1–0.6%, while BHP Group slipped 0.7% on weaker iron ore prices and a stronger U.S. dollar. Still, the ASX 200 remained on track for a third straight weekly gain, up around 0.7% so far, lifted by sustained buying interest and signs of stronger policy support from top trading partner China to bolster domestic demand amid domestic and external headwinds.

The ASX 200 edged lower to close at 9,147 on Thursday, ending gains from the prior three sessions as tech, non-energy minerals, and healthcare fell. Sentiment weakened as S&P 500 and Nasdaq futures fell amid reports that Nvidia's board was preparing to oust CEO Jensen Huang. The index fell from an 11-week high amid profit-taking and persistently elevated inflation expectations in Australia despite five rate hikes since early 2026. Policymakers have warned that inflation could prove more persistent than anticipated, due to higher fuel prices and broader cost pressures. Still, losses were limited after China's central bank pledged stronger counter-cyclical support, a boost to domestic demand, and improved supply. Major miners BHP and Rio Tinto slid 1.2% and 2.1%, respectively, while gold stocks also declined, led by Northern Star Resources (-2.2%) and Evolution Mining (-4.2%). Mineral Resources (-5.2%) and Lynas Rare Earths (-4.2%) also lagged. Among the four big banks, ANZ dipped 1.0%.