Australian shares slip below 9,000 level as AI regulation fears hit miners, tech

Australia’s S&P/ASX 200 lost 0.8% to 8,994.50 on Friday, moving back under 9,000 after gaining 2.6% the previous day. Business Recorder reported that miners and technology companies led the retreat, with the index on course for its steepest one-day decline since October 1.

Investors globally reassessed AI valuations and the prospect of tighter scrutiny of AI and data-centre investment after Democrats took control of the US Congress, while a sharp Nasdaq decline weighed on sentiment. Australian mining shares fell 4.4% as copper prices eased, BHP dropped 4.9%, and technology stocks declined 2.6%; financial shares rose 0.9% as investors shifted towards defensive sectors. Macquarie fell as much as 5.7% despite record first-half profit, after a regulator identified a past miscalculation of capital needs in its non-banking businesses.