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2025-09-17 15:31:36
[Australia's ASX 200 Index Closes Down 0.7%, Banks and Mining Stocks Dragging the Market] ⑴ Australia's S&P/ASX 200 Index fell 0.7% to 8,819 points, reversing the previous day's gains, with banks and mining stocks being the primary drag. ⑵ The market turned cautious ahead of the release of employment data, which could impact the central bank's policy outlook. Positive domestic data (including the fastest economic growth in nearly two years) has left market expectations of a rate cut this month at just 20%. ⑶ Focus shifts to Thursday's employment report. Recent strong data keeps the probability of a September rate cut low, with expectations of a November easing at 70%. ⑷ Global markets await the Federal Reserve's policy decision later today. Markets are fully pricing in a 25 basis point rate cut (the first since 2025), with focus on the dot plot's guidance on subsequent easing. ⑸ The interest rate-sensitive financial sector fell 0.7%, with National Australia Bank down 1.1% and Westpac down 0.7%. ⑹ Heavyweight mining stocks fell nearly 1% due to weak commodity prices. BHP Billiton announced plans to suspend operations at its Queensland coking coal mine and lay off 750 employees, and its share price fell 1.1%.
