The S&P/ASX 200 fell 0.3% to around 8,500 in early Friday deals, extending a steep 1.7% drop in the prior session to hit a fresh four-month low, as miners continued to weaken on softer resource prices. The benchmark is also on track for a third straight weekly loss as surging energy prices tied to the Middle East conflict fueled inflation concerns, increasing the risk of further policy tightening by the Reserve Bank of Australia. Still, markets are divided on whether another hike could come as soon as May, while an August move is fully priced in. The heavyweight mining sector slid nearly 3% to its lowest level since December 2025, with BHP Group and Rio Tinto down 2.5% and 3.7%, respectively. Gold miners also dropped 3.3% to a four-month low, with Newmont plunging 4.5%, while the energy sub-index edged 0.2% lower amid a fall in oil prices. On the upside, financials outperformed, with the “Big Four” banks trading in the green.
