Market Wrap / profit taking

Despite expectations the local market could breach a fresh record today, profit taking sent the index lower with the S&P/ASX200 down 0.3% to 8709.40 points.

Investors are keenly tracking a potential deal between the US and EU, as the August 1 tariff deadline approaches, and following a truce reached between the US and Japan.

Macquarie Group fell 5.1% as it reported a drop in quarterly profit and announced CFO Alex Harvey will step down at the end of the year. The company is also facing a protest vote on executive remuneration.

Fortescue jumped 4.3% after it posted a record fourth-quarter production and announced it will be scrapping its US and Australian green energy projects.

Bapcor plummeted 28.4% after reporting weaker sales results - particularly in May and June. CEO Angus McKay says significant restructuring has led to a disruption in trading especially the networks segment. 

Meanwhile, RBA Governor Bullock warned in a speech in Sydney that the central bank's preferred measure of underlying inflation may not fall as quickly as anticipated, an indication that an interest rate cut next month is not guaranteed.

Tonight, the ECB will deliver its policy decision, while the US will report new home sales data. Global S&P PMIs are also slated for release.