{
  "id": 16007173,
  "title": "Australian shares head for worst day in two weeks as banks and miners drag",
  "url": "https://urgent.news/2026/10/22/australian-shares-head-for-worst-day-in-two-weeks-as-banks-and-miners",
  "topic": "business",
  "section": "Business",
  "published": "2026-10-22T06:06:15.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40445421/australian-shares-head-for-worst-day-in-two-weeks-as-banks-and-miners-drag"
  },
  "original_language": "en",
  "account": "Australian shares declined on Thursday, positioning themselves for their worst trading day in two weeks, with banks and miners bearing the brunt of the downturn, while Santos suffered after reducing the upper limit of its annual production forecast due to delays at its Alaska project. The S&P/ASX 200 index dropped 0.7%, settling at 8,775.30 by 0053 GMT, on course for the largest single-day loss since October 8. Santos plummeted by up to 1.8%, recording its steepest intraday decline in three weeks, after the nation's second-largest independent oil and gas producer revised downward its 2026 production and sales volume outlook. The energy sub-index plummeted 2%, its sharpest intraday fall since October 1. Major Woodside Energy suffered a near 4% decline. Financial institutions slipped 0.3%, with three of the \"Big Four\" banks trading in the red, while ANZ edged up 0.4%. Miners slipped 0.9%, on track for a third consecutive day of losses, as copper prices retreated. The sub-index hit its lowest mark since July 21. Both BHP and Rio Tinto slipped more than 1%, while iron ore miner Fortescue dropped over 2% following a warning that its operations could be impacted if negotiations with state-owned buyer China Mineral Resources Group (CMRG) were not concluded by the end of the year. Technology stocks rose 0.6%, mirroring overnight gains on Wall Street following strong results from SpaceX. Data center operator NEXTDC surged as much as 8.2% after a more than 40% fall in the prior session due to a revenue forecast cut for the year ahead. New Zealand's benchmark S&P/NZX 50 index fell 0.3% to 13,715.87. Data indicated annual inflation decelerated in the third quarter to 3.7%, below analyst expectations but above the top end of the central bank's target range, signaling expectations of a Reserve Bank of New Zealand monetary tightening in the near future.",
  "summary": "Australian shares fell on Thursday and were on track for their worst session in two weeks, dragged down by banks and miners, while Santos slid after lowering the top end of its annual production forecast due to delays at its Alaska project. The S&P/ASX 200 index fell 0.7% to 8,775.30 by 0053 GMT, heading for its biggest daily drop since October 8. Santos dropped as much as 1.8% in its steepest…",
  "key_points": [
    "Australian shares poised for worst day in two weeks",
    "Banks and miners lead downturn, Santos worst hit",
    "Inflation data suggests potential Reserve Bank tightening"
  ],
  "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."
}