FX.co ★ Australian Shares Hits 4-Month Low

On Monday, the S&P/ASX 200 index declined by 0.2% to 8,615, marking its lowest point in four months. This downturn was primarily due to a slump in major mining stocks, which weighed down the overall market. The mining sector decreased by 1.2%, reaching its weakest point in nearly two weeks, influenced by falling commodity prices. This dip was further fueled by hawkish comments concerning potential US interest rate cuts and the release of weaker-than-expected Chinese economic data—the latter impacting China, the largest consumer of industrial metals. BHP Group experienced a 1.5% drop, leading the decline among key miners. Conversely, Pro Medicus rose by 2.7% following the announcement of a $44 million contract with US-based Advanced Radiology Management. Additionally, the release of stronger-than-expected employment figures led markets to revise their expectations for future monetary policy easing. Currently, interest rate swaps suggest a 43.9% chance of a rate cut by May 2026, a significant decrease from nearly 70% previously.