Australian share markets reversed an early steep fall to finish slightly higher, with traders now pricing in a chance above 60 per cent that the Reserve Bank lifts interest rates at its meeting next Tuesday. Oil prices pulled back from Friday's jump but still sit at elevated levels. Mining stocks gained as commodity prices rose. The live coverage also gathers the day's business headlines and analysis from specialist reporters, and carries a note that it does not constitute investment advice.
Australia's share market snapped a three-week winning streak on Friday as surging oil prices and doubts about artificial intelligence hit resource stocks. The S&P/ASX200 rose 0.02 per cent to 8795.2 but fell 0.13 per cent over the week. Raw materials stocks have dropped almost eight per cent since Monday and are down nearly 20 per cent from late August's record highs. A rebound in bank stocks helped limit losses across the index. The Australian dollar was buying 70.05 US cents.
Australian shares closed marginally higher, even as American technology stocks slid, with Meta leading the decline after investors questioned whether its planned expansion of artificial intelligence spending would generate returns. Oil prices moved sharply upward, with Brent crude climbing above $113 per barrel following fresh Houthi strikes on Saudi Arabia and renewed worries about a possible flare-up between Washington and Tehran. Separately, ABC News director Simon Robinson informed employees that The Business program will not be broadcast next year.
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NEXTDC shares fell 42 per cent in a single day after the company said delays in getting power to its inner-west Melbourne data centre expansion would cut its future earnings by a third. The delays followed residents in Yarraville blocking power company Jemena's crews from working in Sanderson Street, forcing them to abandon the holes they had dug. Separately, the planned listing of AI data centre company Firmus, valued at about $44 billion, fell apart after large investors refused to pay $11 a share.
NEXTDC's market value dropped by around $3 billion after energy provider Jemena paused installing power poles needed for its West Footscray data centre in Melbourne. The plunge came less than two weeks after Firmus Technologies withdrew its public listing plans. Local residents have raised concerns about diesel storage, noise and the power works. Analysts say community support is now a key issue for data centre operators. One adviser urged caution for investors, saying future expectations should not be priced too heavily into today's market value.
Australian shares fell on Thursday, with the S&P/ASX200 down 0.43 per cent to 8793.2. Mining stocks led the slide as copper and gold prices weakened, and BHP fell 2.4 per cent. Energy and consumer retail stocks also sold off. Financials ended higher, helped by insurers. Market watchers said next week's inflation figures could influence expectations of a November interest rate rise. APA Group plans to spend $700 million on a gas pipeline linking Queensland and NSW.
Westpac has announced job cuts. The union accuses the bank of using NAB's mass redundancy announcement as cover for its own restructure. Separately, the government has extended the pause on KPMG bidding for Australian government work until February 28, 2027, following an independent review and the audit leaks scandal. The Australian share market closed lower after gains on Wall Street.
Australian shares rose on Wednesday, shrugging off hawkish comments from a Reserve Bank official. The benchmark S&P/ASX200 index gained 0.16 per cent to finish at 8831.3, while the All Ordinaries rose 0.14 per cent. Earlier in the day, deputy governor Andrew Hauser told a Sydney investment conference that inflation was materially worse than the central bank had forecast. He said businesses were starting to view 3.5 per cent inflation as the new normal. The Australian dollar climbed to a three-week high after his remarks.
Australian shares fell on Tuesday, dragged lower by the big banks and major miners. The S&P/ASX200 index closed 28.8 points lower at 8816.9, after recovering from an early drop of as much as 98 points. BHP shares fell 1.6 per cent to $59.50 after its quarterly copper output dropped 19 per cent to around 400,000 tonnes, below analyst expectations. NAB shares fell 1.8 per cent after the bank announced plans to cut 2500 jobs over 2026/27. Ingenia Group rose 9.7 per cent after its takeover talks with Warburg Pincus were extended, and Cochlear gained 5.2 per cent.
National Australia Bank has announced plans to reduce its workforce by as many as 2,500 positions, equal to roughly 6 per cent of its staff, with the cuts due to take effect by mid-2027. The announcement weighed on the bank's share price during the session. Separately, trading in NextDC, a local data centre operator, has been halted pending an announcement that appears connected to a disagreement over power poles in a suburban Melbourne street. The day's business coverage includes further market commentary from specialist reporters.
Australian shares started the week higher after shrugging off volatility in the artificial intelligence sector. The S&P/ASX200 rose 0.44 per cent to 8845.7 on Monday, while the All Ordinaries gained 0.39 per cent. Energy stocks rose more than two per cent after Middle East supply disruptions pushed Brent crude as high as US$110 a barrel over the weekend. Banks and other financial stocks kept recovering from August's sell-off, acting as a safe haven after tech and chip stocks fell last week. The Australian dollar was buying 69.75 US cents, up from 69.42 US cents on Friday.
Fuel company Ampol has more than doubled its refining margins and describes conditions as net favourable. Wealth manager Challenger shares rose after a takeover bid from a Japanese life insurer. The ASX finished higher on Monday, avoiding a sharp sell-off on Wall Street. Investors had been worried about spending on artificial intelligence and oil prices rising to US$110 a barrel.
Australian shares pared most of their early losses on Thursday after weaker-than-expected jobs data eased pressure on the Reserve Bank to raise interest rates again. The S&P/ASX200 closed down 0.09 per cent at 8719.7. Mining stocks fell almost four per cent as a broad commodity sell-off hit gold, silver, copper and iron ore. BHP and Rio Tinto each lost almost five per cent. Financials limited the overall fall, while Treasury Wine Estates rose more than four per cent after saying it would not list Penfolds separately.
Shares in BHP Group have dropped 4.7 per cent. The world's biggest miner is used as a proxy for the AI trade because of its copper exposure, and that trade has cooled. Separately, the unemployment rate has risen to a five-year high of 4.7 per cent, as part-time employment fell by 73,700. Some economists say the rise is not enough to stop another RBA interest rate hike on Melbourne Cup Day.
Mining company Glencore has started trading on the Australian Securities Exchange under the code GLC. The London-based miner, already listed in London and Johannesburg, joined the ASX to reach Australian investors. Chief executive Gary Nagle said some investors had been unable to buy shares in London because of fund rules. The listing involves no new share issues, but the company hopes it will draw about $5bn in new capital over the next year. Glencore also wants to narrow its valuation gap with BHP.
