FX.co ★ ASX 200 Tumbles 2% at Close

The ASX 200 slumped 175 points, or 2.0%, on Thursday—its sharpest one-day decline since early March—closing at 8,614, the lowest level since mid-June. The Australian market ended a three-session winning streak as sentiment deteriorated amid surging U.S. Treasury yields, persistently high inflation, and renewed concerns over further tightening by the Reserve Bank. Analysts warned that additional rate hikes could trigger the deepest property downturn in three decades. Weaker trade data added pressure, with the August surplus narrowing to a three-month low as imports outpaced exports. Losses were partly limited by stronger U.S. stock futures ahead of Friday’s U.S. nonfarm payrolls report. Selling was broad-based, led by energy minerals, logistics, transport, and financials. The big four banks lost between 0.9% and 3.3%, while Northern Star Resources (-4.1%), CSL (-3.3%), and Woodside Energy (-3.1%) also recorded notable declines. Suncorp Group sank 7.4% after denying it was in takeover talks with Japan’s Tokio Marine.