The S&P/ASX 200 fell 0.4% to close at a one-week low of 8,783 on Wednesday, marking its third straight session of losses, as banking stocks declined on prolonged rate worries, while miners hit a record closing high. Financials dropped 1.6% to a one-month low, with top lender Commonwealth Bank hitting its lowest level since April last year. The sector has fallen nearly 3.5% so far this month amid concerns that higher interest rates will continue to pressure margins ahead of earnings season. Attention now turns to Thursday’s local jobs report and next week’s inflation data ahead of the RBA’s February 3 meeting. Meanwhile, miners rose to a record high, marking its eighth record close this month, led by Rio Tinto’s 2.6% gain on stronger-than-expected Q4 iron ore and copper output. Gold miners also extended their record run to a third session, supported by stronger demand for safe-haven metals amid global risks. Evolution Mining hit an all-time high after reporting higher Q2 production.
