Australian shares fell 84 points, or 0.9%, to 8,865 in Wednesday morning trade, extending a run of weak sessions and nearing a two-week low. The decline followed an overnight slide on Wall Street, as investors questioned U.S. President Trump’s announcement of an indefinite extension to the ceasefire with Iran. Additional caution stemmed from comments by Fed nominee Kevin Warsh at his Senate confirmation hearing on Tuesday, which were interpreted as slightly hawkish.
On the domestic front, April PMI figures are due Thursday. Australia’s leading index remained subdued in March, pressured by higher interest rates and soaring fuel prices linked to the Middle East conflict.
Sector declines were led by healthcare, financials, and commercial services, though gains in consumer non-durables helped limit broader market losses. Notable underperformers included Macquarie Group (-3.9%), Evolution Mining (-3.5%), and Ramsay Health Care (-1.8%). Cochlear Ltd. slumped 37.2% to a ten-year low after cutting its full-year earnings guidance, citing weak demand and heightened geopolitical risks.
