The ASX 200 dropped 29 points, or 0.3%, to finish at 8,817 on Tuesday, snapping a two-day advance and pulling back from a near five-week high. Sentiment weakened as U.S. stock futures retreated and investors grew increasingly wary about elevated AI-related spending.
Domestically, Reserve Bank of Australia Assistant Governor Kent warned against reading too much into monthly labour market figures but acknowledged signs of softening. September employment unexpectedly declined, while the unemployment rate held at 4.7%, its highest level in five years.
Losses were partly trimmed after stronger-than-expected data from China, where Q3 GDP and September activity indicators topped forecasts, supported by solid Golden Week demand.
Sector-wise, logistics, technology, energy, and non-energy minerals weighed on the benchmark. Notable decliners included BHP Group (-1.6%), South32 (-2.4%), Northern Star Resources (-1.7%), and Ramsay Health Care (-1.6%). Three of the big four banks slipped between 0.8% and 1.8%.
Bucking the trend, Cochlear Ltd. jumped 5.2%, as the market judged its shorter-term fiscal 2027 revenue targets to be attainable despite intensifying competition.
