Australian shares head for worst day in nearly three weeks as miners, banks slide

Business Recorder reported that Australian equities were heading for their sharpest daily decline in almost three weeks on Tuesday, with the S&P/ASX 200 down 1.1% at 8,752.80 by 2327 GMT. The index was on course for its weakest session since October 1, having closed 0.4% higher on Monday. Banks and miners led the selling, while technology shares bucked the trend.

National Australia Bank said it plans to cut up to 2,500 positions, about 6% of its staff, in 2027 as it simplifies operations amid a tougher outlook for credit growth. Its shares slipped 1.9% after giving up early gains, while Commonwealth Bank, Westpac and ANZ each fell between 1.2% and 1.6%. Miners dropped 2%, with BHP sliding as much as 2.4% after weaker-than-expected copper output from its Escondida mine in Chile.

Gold miners fell 2.3% as bullion weakened overnight, while energy names softened as Brent crude declined. Xero and WiseTech Global each gained more than 2.3%, following higher closes on Wall Street. Traders are now watching third-quarter inflation figures, due later this week, for direction on monetary policy, with markets assigning an 89% probability to a third rate increase this year when the central bank meets on October 28.