Australian Shares Edge Lower Ahead of RBA Decision; Tariff Clouds Linger
Australia’s stock market pulled back from record highs on July 7, with the S&P/ASX 200 slipping 0.16% to 8,589.3 and the All Ordinaries Index down 0.18% to 8,826.4. The decline followed confirmation that U.S. tariffs on multiple nations will take effect August 1—later than the previously expected July 10—with the U.S. Commerce Secretary stating "take-it-or-leave-it" tariff notices had been sent to over a dozen countries, stoking trade uncertainty.
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Market focus remained fixed on the RBA’s rate decision on July 9. IG analysts noted the Australian dollar’s trajectory will hinge on the central bank’s policy signals and tariff details.
Sectors diverged sharply:
- Utilities led gains (+3.5%): Origin Energy surged 6.8% to A$11.55 (a three-week high) after news its Octopus Energy unit plans to spin off its tech business.
- Mining came under pressure: Northern Star plummeted 8.7% to A$16.8 (a three-month low) following a downgraded production forecast for the new fiscal year and cost warnings. The big three iron ore miners saw minor moves (BHP -0.3%, Rio Tinto -0.2%).
- Financials dipped: All four major banks closed lower, with ANZ (-0.6%) faring worst.
