The Australian market has reversed earlier gains today, with the ASX 200 down 0.2 per cent at lunchtime as higher oil prices and rising bond yields fuel fears of higher interest rates.
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Financials are again weighing on the benchmark, after expectations of a rate hike were brought forward following hawkish comments from the Reserve Bank.
Commonwealth Bank and NAB both dropped around 2 per cent, Westpac fell 1.4 per cent and ANZ lost 0.6 per cent.
Healthcare stocks were also under pressure. CSL fell 2.2 per cent as it traded ex-dividend, while Resmed dropped 2.4 per cent and Cochlear declined 1.5 per cent.
Energy stocks provided some support as oil prices moved towards US$100 a barrel. Woodside gained 2.4 per cent and Santos rose 1.9 per cent. The resources sector was also stronger, with copper hitting a record US$14,635 a tonne. BHP climbed 2.6 per cent and Rio Tinto gained 1.6 per cent.
Gold miners moved lower alongside the bullion price, with Evolution Mining and Northern Star both falling more than 3 per cent as the stocks traded ex-dividend.
Austal jumped nearly 7 per cent after a Florida-based private investment company lobbed a counterbid for Austal USA.
Wildcat Infrastructure has valued the US division at between US$1.25 billion and US$1.35 billion.
Megaport gained 3.7 per cent after Citi lifted its price target on the technology infrastructure provider by 11 per cent to $24.60.
Metcash eased 0.3 per cent after chairman Peter Birtles told the company’s annual meeting that trading conditions remained challenging.
The company reported total sales growth of 2.8 per cent, excluding tobacco, across the first 18 weeks of the 2026-27 financial year.
And the broader market remains focused on the outlook for interest rates. Goldman Sachs forecasts a 60 per cent chance of the RBA lifting rates by 25 basis points at its September meeting, taking the cash rate to 4.6 per cent.
That’s the ASX Today, I’ll see you tomorrow.
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