FX.co ★ Aussie Stocks Retreat from Record Finish

The S&P/ASX 200 experienced a decline of nearly 1% to approximately 8,545 on Wednesday, pulling back from the previous session's record high. This downturn was primarily influenced by significant losses in gold stocks. Investor sentiment was negatively impacted by weak cues from Wall Street overnight, as June's inflation figures came in higher than anticipated, sparking renewed worries about sustained high interest rates and potential new import tariffs. In recent trade developments, former President Trump reduced tariffs on Indonesian products to 19% in return for significant purchasing commitments, while cautioning of tariffs exceeding 10% on smaller countries. Domestically, attention shifts to Thursday's employment report, which is expected to show an increase of 20,000 jobs in June, with the unemployment rate remaining steady at 4.1%. Market projections indicate an 80% probability of an interest rate cut by the Reserve Bank of Australia in August, with expectations of 75 basis points of easing by early 2026. In the corporate sector, gold mining stocks experienced notable declines, sliding up to 2.7% for the largest intraday drop since July 9, with Newmont shares falling 4.8% and Northern Star decreasing by 2.4%. Additional pressure was observed in the healthcare sector, major banking stocks, and other mining companies.