Banks lift Australian shares balancing mining losses

Jan 8, 2026, 12:59 GMT+7
Key points:

• Financials log best day in over 2 weeks
• 3 of Big Four banks gain; CBA flat
• Miners slip 1.2%, snapping 3-day rally
• BlueScope falls 1.6% on rejecting takeover bid

By Kumar Tanishk and Anjali Singh
Reuters - Australian shares posted modest gains on Thursday, with strength in financials offsetting losses in mining stocks a day after sticky core inflation reinforced the risk of further rate hikes.
The S&P/ASX 200rose 0.3% to close at 8,720.80, logging its best session in over two weeks. The benchmark advanced 0.2% on Wednesday.
Financialsclimbed 0.7% for their best session in more than two weeks, snapping a three-day losing run.
Three of the four largest banks gained between 0.7% and 1.3%. Commonwealth Bank of Australiaclosed flat but lost 4.8% so far this week.
"CBA is a housing credit growth play very often and the prospect of RBA (Reserve Bank of Australia) rate hikes is a headwind to loan growth," said Kyle Rodda, senior financial market analyst at Capital.com.
"The banks have broadly suffered recently on valuation concerns and the unfavourable macroeconomic backdrop in Australia of underwhelming growth but high and possibly rising interest rates."
Data on Wednesday revealed consumer prices rose slower than expected in November, but a core inflation measure remained above the RBA's 2%-3% target, pointing to persistent price pressures.
The RBA has warned that interest rates, currently at 3.6%, may need to rise if inflation does not show sufficient cooling, with a senior official earlier in the day calling the latest figures unsurprising.
Attention now turns to the quarterly inflation data due later this month, a key input for the Reserve Bank of Australia's policy meeting in mid-February.
Minersfell 1.2%, giving back part of this week's near-4% advance driven by higher commodity prices and snapping a three-day run of gains.
BlueScope Steelslipped 1.6%, a day after rebuffing a A$13.2 billion ($8.86 billion) takeover bid from SGHand U.S.-based Steel Dyn inamics.
In New Zealand, the S&P/NZX 50edged up 1.84 points to 13,716.86, extending its winning streak to six sessions.
($1 = 1.4905 Australian dollars)

Sumber : Reuters