11.09.202501:33:11UTC+00Australian Shares Open Lower

The S&P/ASX 200 experienced a slight decline of 0.2% on Thursday, dipping below the 8,810 mark as profit-taking in major banking stocks overshadowed a surge in gold equities. The downturn was somewhat mitigated by ongoing record achievements on Wall Street, buoyed by investor expectations of more aggressive Federal Reserve rate cuts following an unexpected decrease in U.S. producer prices for August. Market participants are now looking forward to forthcoming consumer inflation data to gain further insights into monetary policy direction. Additionally, a forthcoming speech by a Reserve Bank of Australia official will be under sharp scrutiny, as markets have generally anticipated a 25 basis point rate reduction in November. On the corporate front, the decline was spearheaded by significant banks as investors realized gains after a period of strength driven by cost-cutting measures, including notable workforce reductions. The "Big Four" banking institutions declined between 0.5% and 1%. Meanwhile, gold mining stocks continued their upward trajectory as gold prices reached unprecedented levels. Prominent industry players, Newmont and Northern Star, saw increases of 2.6% and 3.2%, respectively.