The S&P/ASX 200 concluded Friday's trading session with a 0.2% decrease, settling at 9,019. This decline follows a pause in the previous session, primarily attributed to profit-taking in financial and gold stocks, alongside a general investor wariness preceding inflation data releases from both Australia and the US. Attention is now directed toward Australia’s third-quarter inflation report, due next week, which is anticipated to significantly influence the Reserve Bank's policy direction. Concurrently, the US September Consumer Price Index (CPI) was released later in the day, potentially offering insights into the Federal Reserve’s future actions.
On the corporate front, the financial sector saw a decline of 0.5%, with three of the Big Four banks posting losses, spearheaded by a 1% decrease in ANZ Group shares. Gold mining stocks also diminished by 1.6%, accentuating their approximately 9% weekly decline—the most substantial since July 2022—as investors opted to secure profits following a robust rally. Notably, sector heavyweight Newmont experienced a 4.4% downturn after indicating a reduction in fourth-quarter cash flow due to increased expenditures. Despite this, the benchmark index achieved a weekly rise of 0.3%, marking the second consecutive week of gains.
