ASX 200 slips as banks and miners weigh, Santos drops on Alaska delays

what happened

Australian stocks were heading for their weakest session in two weeks on Thursday, with banks and resource companies leading the decline, Reuters reported. The benchmark S&P/ASX 200 was down 0.7% at 8,775.30 by 00:53 GMT, on course for its largest daily loss since October 8.

Shares of Santos fell after the company narrowed its 2026 production and sales volume outlook because of delays at its Alaska project. Woodside Energy lost nearly 4%, while the energy sub-index dropped 2%.

Miners fell 0.9% and were set for a third straight session of losses as copper weakened, with BHP and Rio Tinto each down more than 1%. Fortescue shed over 2% after warning its operations could be hit if talks with state-backed buyer China Mineral Resources Group do not conclude by year-end. Financials slipped 0.3%, while ANZ gained 0.4%.

why it matters

Banks and miners carry a large weight in the ASX 200, so weakness in these sectors weighs noticeably on the index as a whole. Reuters also noted that New Zealand annual inflation slowed to 3.7% in the third quarter, below forecasts but above the top of the central bank's target range, keeping expectations of a Reserve Bank of New Zealand tightening next week.

market impact

ASX 200: banks and miners pull the index lower; Santos under pressure after trimming its production outlook

tags

instruments