{
  "id": 12813095,
  "title": "Australian shares slip on Fortescue-led miner selloff; banks limit losses",
  "url": "https://urgent.news/2026/10/08/australian-shares-slip-on-fortescue-led-miner-selloff-banks-limit",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-08T06:49:24.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40443262/australian-shares-slip-on-fortescue-led-miner-selloff-banks-limit-losses"
  },
  "original_language": "en",
  "account": "Australian shares experienced a decline on Thursday due to a selloff in miners, particularly following Fortescue's poor preliminary quarterly update. The S&P/ASX 200 index fell 0.4% to 8,693.30 points by 23:28 GMT, after closing 0.1% lower on Wednesday. The Federal Reserve's minutes revealed a divided opinion among policymakers regarding future rate hikes, with officials debating whether recent inflation pressures were mainly supply-driven or if stronger demand warranted tighter policy. This uncertainty left investors cautious about the trajectory of future rate cuts. Miners suffered a decline of over 2%, with Fortescue, the world's fourth-largest iron ore producer, falling more than 3.5% to its lowest level since July 2025. The miner's cash balance dropped by 37% in the September quarter, and preliminary iron ore shipments fell by 6%. The sub-index also faced downward pressure from lower aluminum and zinc prices. Tech stocks declined by 1.1%, mirroring Wall Street's losses, with WiseTech Global down 0.6%. Gold stocks were hit the hardest, falling 2% to their lowest since mid-September, as gold prices dropped. Energy stocks gained 1.2%, with Woodside Energy and Santos rising more than 0.5% each. Banks, including the \"Big Four,\" saw a 0.5% increase in value. On a brighter note, the bourse operator ASX rose 4.5% to its highest level since mid-August, following Citi's upgrade of its earnings forecasts for ASX, driven by a surge in trading activity. Meanwhile, New Zealand's benchmark S&P/NZX 50 index experienced a slight decline at 13,667.48.",
  "summary": "Australian shares fell on Thursday after a selloff in miners following Fortescue’s weak preliminary quarterly update, combined with investor caution after US Federal Reserve minutes showed officials were divided over further rate hikes. The S&P/ASX 200 index fell 0.4% to 8,693.30 points by 2328 GMT, after ending 0.1% lower on Wednesday. Fed minutes highlighted growing debate among policymakers…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}