FX.co ★ Australian Shares Dip After Seven-Day Rally

The S&P/ASX 200 Index experienced a 0.3% decline on Monday, falling to just under 8,220 and ending a seven-day streak of gains. This downturn was primarily driven by decreases in financial, energy, and mining stocks. Westpac Banking saw a 2.9% drop after its first-half earnings missed forecasts, which the bank attributed to shrinking loan margins. Additionally, Westpac issued a warning about the potential impact of changing global trade policies on funding conditions. Other major banks followed suit, with Commonwealth Bank shares decreasing by 2.1%, NAB by 1.4%, and ANZ Group by 0.6%. The energy sector also faced setbacks as oil prices fell over 3%, a reaction to OPEC+’s decision to boost output for the second consecutive month in June. Consequently, Woodside Energy shares fell by 2.5%, and Santos shares decreased by 2.1%. Mining companies were not spared either, as they felt the pressure from declining metals prices. Shares in Fortescue Metals were down 1.5%, while Northern Star Resources saw a slight 0.3% decline.