Australian ASX 200 slips as miners and banks drag shares lower

The S&P/ASX 200 closed down 0.7% at 8,625.1 points, marking a second straight weekly decline. Weakness in mining and financial stocks outweighed gains elsewhere, with the big four banks falling between 1.1% and 1.6% and gold miners losing 2‑3% despite higher bullion prices. Commodity price softness, especially in iron ore and oil, pressured resource‑heavy shares.

Technology provided a counterpoint: Megaport surged more than 11% after announcing four AI‑infrastructure contracts worth US$458.9 million and an entitlement offer to fund new capex. The rally highlighted investor appetite for AI‑related growth. Market sentiment was also shaped by volatile U.S. job data, expectations for Federal Reserve policy, and the upcoming Reserve Bank of Australia decision, contributing to broader caution across the Asia‑Pacific.

Analysts described the session as a consolidation phase rather than a reversal, noting that defensive sectors held steadier while cyclical names faced selling pressure.