The S&P/ASX 200 fell 0.2% to 8,615 on Monday, hitting its lowest level in four months as weakness across heavyweight mining stocks dragged the broader market lower. The mining sector fell 1.2% and is poised for its weakest level in nearly two weeks, pressured by lower commodity prices amid hawkish remarks on US rate-cut prospects and softer-than-expected economic data from China, the world’s largest consumer of industrial metals. BHP Group dropped 1.5%, leading losses among major miners. In contrast, Pro Medicus advanced 2.7% after announcing a $44 million contract with US radiology provider Advanced Radiology Management. Meanwhile, the recently released stronger-than-expected employment data prompted markets to reassess the outlook for monetary easing. Swaps now imply a 43.9% probability of a rate cut in May 2026, down sharply from nearly 70% previously.
