The S&P/ASX 200 fell 0.3% to finish at 8,448 on Wednesday, hitting its lowest level since early June, as losses in banks outweighed gains in mining stocks. Financials led the decline, dropping 1.2% to a six-month low amid margin pressure, competition, and rising costs. All of the “Big Four” banks traded lower, though the pullback is seen as a healthy rotation toward more valuation-disciplined, growth-focused positioning. Technology stocks also lost 0.5%, remaining near late-April lows. On the upside, gold miners jumped 2.3%, their biggest gain in a week, while the broader mining index rose 0.8% on higher metal prices. Meanwhile, data showed wages grew steadily in the third quarter, reinforcing expectations that the Reserve Bank of Australia will likely keep rates steady. Traders currently pricing in a 90% probability of no change at its December meeting.
