FX.co ★ ASX 200 Marks Fifth Monthly Gain, Up 1.1% in August

The ASX 200 slipped 16 points, or 0.2%, to close at 9,076 on Monday, the final trading day of August, surrendering earlier gains as U.S. stock futures retreated following a spike in oil prices triggered by fresh U.S. strikes on Iranian rocket launchers near the Strait of Hormuz. Hawkish comments from Fed Chair Warsh further stoked concerns over additional interest rate hikes.

On the domestic front, Australia’s private sector credit rose 0.6% in July, the slowest pace in five months. Externally, services activity in China, Australia’s largest trading partner, remained subdued in July even as manufacturing output rebounded.

Sector-wise, weakness in technology, non-energy minerals, and consumer stocks outweighed gains in communications and financials. Mining heavyweights BHP and Rio Tinto each dropped more than 2%, while Northern Star Resources and Evolution Mining both declined 5.2%. Star Entertainment fell 3.9% despite narrowing its full-year loss. By contrast, the big four banks advanced.

Despite the day’s pullback, the benchmark index secured a fifth consecutive monthly rise, adding 1.1% in August, supported by bargain hunting. Traders now turn their focus to Q2 GDP figures and July trade data due later this week.