Market Wrap / tech futures rip

The local market pared some of its losses during Thursday afternoon trading, as gains in the banking sector helped offset a decline in materials.

The S&P/ASX200 finished the session lower by 0.2% to 8742.80 points. 

CBA gained 0.5% whereas BHP slipped 2.4% and Fortescue dropped 2.3%. 

The central bank welcomed the second quarter inflation data with Deputy Governor Andrew Hauser saying the CPI print was very welcome and came in just as the RBA expected.

Aussie shoppers hit the stores hard in June, with retail sales surging 1.2%, smashing expectations and marking the biggest monthly jump since March 2022.

In company news, Beach Energy fell 9.3% after reporting that even though flood levels have peaked in the Cooper Basin, it expects continued impact on production during the first half of FY26. AGL Energy shares were up 0.1% after it gave the greenlight to its $800 million grid-scale battery project in the NSW Hunter region.

Meanwhile Cettire shares plunged 23.5% after President Trump removed the duty-free import threshold for all international shipments under US$800. The rule, effective August 29, means customers will now pay duties on every shipment, even lower-cost luxury items like handbags and shoes.

Flight Centre dropped 7.3% after it downgraded expected earnings on a challenging fourth-quarter due to underperformance and additional non-recurring costs in Asia, as well as significant impacts of escalating tension in the Middle East.

Tonight we get the US core PCE price index, personal income & spending index and employment cost index. Apple and Amazon deliver earnings.