Australian shares slip as mining losses offset bank gains
Australian shares dropped on Friday, as a decline in mining stocks on softer commodity prices outweighed gains in banks, while escalating Houthi attacks on Saudi Arabia fuelled risk-off sentiment. The S&P/ASX 200 index fell 0.4% to 8,762.80 by 0104 GMT. The benchmark is set for its first weekly drop in four weeks. Tensions in the Gulf escalated with fighting between Saudi Arabia and Yemen’s…
Australian stock markets declined on Friday, with mining shares suffering as softer commodity prices counterbalanced gains in the banking sector amid escalating tensions in the Middle East. The S&P/ASX 200 index slipped 0.4% to 8,762.80 by 0104 GMT, marking its first weekly drop in four weeks. Conflicts between Saudi Arabia and Yemen's Houthis grew, heightening concerns about potential disruptions to oil supplies and pushing benchmark Brent crude prices to a five-month high.
Mining giants, such as Rio Tinto, announced plans to invest $1.9 billion in a Queensland bauxite project, which would increase annual production by 20 million tons, yet their shares still tumbled 2.5%. Meanwhile, gold stocks plummeted over 4%, their steepest decline since late August, as gold prices wavered. The technology sector also suffered, with stocks sliding 1.5%, reflecting renewed doubts about tech firms' AI spending plans.
Financial institutions, however, bucked the overall downward trend, gaining 0.6%, marking their third consecutive day of gains.
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