FX.co ★ Aussie Shares Flat in Morning Trade

As Thursday morning trading commenced, the S&P/ASX 200 index remained relatively steady at approximately 8,760, following a 0.9% decline during the previous session. This stabilization was primarily due to gains in the mining sector, which counterbalanced the downturn experienced by technology stocks. Investor sentiment remained cautious after an unexpectedly high inflation report diminished expectations for monetary policy relaxation. Similarly, Wall Street saw a pullback after Federal Reserve Chair Jerome Powell indicated there was 'no risk-free path' in addressing ongoing inflation and labor market challenges. Powell's comments regarding 'fairly high' equity valuations further pressured global risk assets. In Sydney, significant advancements in the mining sector were noted as copper prices rose. This increase followed Freeport-McMoRan's announcement of force majeure at its Grasberg mine in Indonesia, which will halt operations until mid-2026. Major mining companies such as Rio Tinto (up 1.2%), BHP (up 3.5%), and Southern Copper (up 8.4%) spearheaded these gains. Conversely, technology stocks mirrored their U.S. counterparts with a 0.9% decrease, driven by persistent skepticism surrounding the AI industry.