The S&P/ASX 200 dropped nearly 1% to around 8,545 on Wednesday, retreating from a record level finish in the prior session, dragged down by sharp losses in gold stocks. Sentiment was dampened by a weak lead from Wall Street overnight, as hotter-than-expected June inflation data reignited concerns about prolonged high interest rates and potential import levies. In the latest trade news, Trump cuts tariffs on Indonesian goods to 19% in exchange for major purchase commitments, while warning of over 10% tariffs on smaller nations.
At home, focus turns to Thursday’s jobs report, with expectations for a gain of 20 thousand jobs in June and a steady unemployment rate of 4.1%. Markets see an 80% chance of an RBA rate cut in August, with 75 bps of easing priced in by early 2026. On the corporate side, gold miners fell as much as 2.7% in their biggest intraday drop since July 9, with Newmont plunging 4.8% and Northern Star down 2.4%. Healthcare, major banks, and miners were also under pressure.
