Australian shares fell 73 points, or 0.8%, to 8,711 in early trade on Thursday, extending losses into a fourth consecutive session amid broad-based sector weakness. Declines were most pronounced in non-energy minerals, healthcare, process industries, and financials. Investor caution persisted ahead of the release of June CPI and PPI data from China, Australia’s key trading partner, later in the day.
On the domestic front, Reserve Bank Assistant Governor Sarah Hunter warned that if inflation expectations were to rise, restoring price stability could require “some period of low inflation and higher unemployment.”
Losses on the local market were partially limited by a modest uptick in U.S. stock futures, which followed a mixed Wall Street session overnight as geopolitical tensions and higher oil prices dampened risk appetite.
The four major banks shed between 0.8% and 1.4%, while other notable decliners included heavyweight BHP Group (-1.6%), Pro Medicus (-2.7%), Wisetech Global (-2.1%), and Sonic Healthcare (-1.8%). In contrast, energy producers outperformed, with Woodside Energy up 1.2% and Santos advancing 0.9%.
