Australian Shares Retreat as Banking and Mining Stocks Decline

Wed 19 Mar 25, 01:19 AM | Team Kalkine

Image source: Shutterstock

Highlights

Market Decline: The ASX 200 dropped 0.5% as banking and mining stocks weighed on sentiment.

Fed Decision Impact: Global uncertainty ahead of the U.S. Federal Reserve's rate announcement added to investor caution.

Iron Ore Weakness: Falling prices hit major mining stocks, with BHP, Rio Tinto, and Fortescue posting losses.

Australian shares ended a two-session winning streak on Wednesday, with banking and mining stocks leading the downturn as investors exercised caution ahead of the U.S. Federal Reserve's monetary policy decision. The decline was further exacerbated by falling iron ore prices, dampening market sentiment.

The S&P/ASX 200 index (.AXJO) fell 0.5% to 7,824.8 as of 2349 GMT, reversing the modest 0.1% gain recorded on Tuesday. Investor attention is now shifting to the upcoming local jobs data, set for release on Thursday. A stronger-than-expected report could prompt the Reserve Bank of Australia to maintain higher interest rates for an extended period.

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