FX.co ★ ASX 200 Dips 1% at Finish

The ASX 200 dropped 90 points, or 1.0%, to finish at 9,038 on Thursday, extending earlier declines as expectations grew that the Reserve Bank of Australia could tighten policy as soon as next month following a hotter-than-expected inflation reading. Three of the four major banks now also forecast an additional rate hike later this year, on top of the three already delivered in 2026. Losses were broad-based, led by retail trade, consumer stocks, non-energy minerals, and financials. Downside pressure was partly offset by stronger risk sentiment from the US, where futures rallied after Nvidia reported blowout results, with second-quarter revenue more than doubling and beating forecasts by the widest margin in two years. Domestically, data showed household spending rising more than expected in July, marking a third consecutive monthly gain. Among heavyweight miners, BHP Group fell 1.5% and Rio Tinto slipped 0.5%. Wesfarmers sank 4.6% as concerns over squeezed household budgets outweighed a stronger annual profit, while Qantas Airways climbed 4.8% after issuing upbeat revenue guidance.