Australian shares head for worst day in two weeks as banks and miners drag

Business Recorder reported that Australian shares declined on Thursday, with the S&P/ASX 200 down 0.7% at 8,775.30 by 0053 GMT. The index was heading for its steepest daily fall since October 8 as banks and miners weakened; the energy sub-index lost 2%, financials fell 0.3% and miners slipped 0.9% amid lower copper prices.

Santos dropped as much as 1.8% after reducing the upper end of its 2026 production and sales outlook, citing delays at its Alaska project, while Woodside Energy lost nearly 4%. Fortescue fell more than 2% after warning that its operations could be affected if talks with CMRG were unfinished by year-end; meanwhile, New Zealand’s annual inflation eased to 3.7% in the third quarter, still above the central bank’s target range. Technology shares rose 0.6%, and NEXTDC gained as much as 8.2% after a sharp fall in the previous session.