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Australian shares slumped 150 points, or 1.7%, to 8,761 in early trade on Thursday, logging one of the steepest single‑day declines in recent weeks and extending losses into a third consecutive session. The market hovered at a six‑week low, with sentiment hit by a third straight decline on Wall Street overnight as escalating U.S.–Iran tensions drove Brent crude above USD 100 per barrel, intensifying inflation concerns. U.S. Treasury yields also rose ahead of key CPI data.
Domestically, rate jitters worsened after Deputy Governor Andrew Hauser signalled that the RBA will consider further tightening at its September meeting, citing persistent inflation risks, while Assistant Governor Sarah Hunter cautioned that the central bank has limited tolerance for renewed price pressures.
All sectors traded lower, led by healthcare, non‑energy minerals, retail, and logistics. The four major banks dropped between 1.4% and 1.8%, while BHP Group fell 3.2%. Other notable underperformers included PLS Group (-3.6%), Lynas Rare Earths (-3.0%), Nextdc (-2.9%), and Regis Resources (-2.3%).
