ASX 200 Retreats After Two-Day Rally

The S&P/ASX 200 fell 0.2% to around 8,959 on Friday, pulling back gains from the previous two-session rally, and on track for its first weekly loss in four weeks. Investors locked in profits from the financial sector after a defensive rotation in the prior session, with CBA, Westpac, and NAB each down over 1%. Additionally, Lynas, the world’s largest rare earths producer outside China, slid up to 9% on a A$750m discounted equity raise and a 90% profit plunge. On the upside, Casino operator Star Entertainment climbed 2% after posting a narrower A$471.5m loss but warned its survival hinges on continued support from lenders, regulators, and the government. Other notable gains included Fortescue (1.5%), Woodside (0.3%), and Woolworths (1.8%). For the month, the ASX is tracking its fifth straight monthly rise, up about 2.4%. Investors now look ahead to the upcoming manufacturing PMI for fresh insights on the country’s economic momentum.