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Australian stocks suffered their worst session in nearly five months Tuesday, with the ASX 200 closing down 1.94 percent at 8,469 points as more than $59 billion was wiped from market valuations. The decline extends a month-long slide that has erased $220 billion from the benchmark index since mid-October, according to market analyst Tony Sycamore.
The sell-off intensified after Commonwealth Bank chief executive Matt Comyn told a parliamentary hearing it was “unlikely” interest rates would move in the near term, including any reduction in 2026. Technology stocks led losses, falling 3.27 percent, with Brisbane-based TechnologyOne plunging 17.2 percent after missing annual profit estimates. The downturn mirrored broader regional weakness, with Tokyo’s Nikkei dropping 3.12 percent as Japanese government bond yields hit their highest level since 1999.
Reserve Bank minutes released Tuesday showed the board remains “cautious and data dependent” on future rate decisions, with unemployment likely needing to rise before cuts resume. Investors are now focused on Nvidia’s earnings report due Thursday and U.S. jobs data Friday, both seen as critical tests for global technology stocks and central bank policy direction.
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