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Indices

Australian Stock Extend Slide, Notch 1-Month Trough

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 stoked 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.

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