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The S&P/ASX 200 fell 1.7% to below 8,920 in early Wednesday trade, deepening the previous session’s losses as worries about the inflationary fallout from the Middle East conflict weighed on sentiment and investors awaited key domestic growth data. The decline tracked a broader global selloff, with mounting geopolitical tensions pushing oil prices higher and stoking renewed inflation concerns.
Gold stocks led the downturn, sliding 6.6% after bullion prices retreated on the back of a stronger US dollar. Northern Star Resources and Evolution Mining dropped 6.7% and 6.3%, respectively, helping pull the wider mining sector 3.9% lower.
Attention now turns to the Q4 GDP release, following recent trade figures showing that net exports were a smaller drag on growth while public spending provided a stronger boost. At the same time, RBA Governor Michele Bullock indicated the central bank could still raise interest rates as early as March if inflation expectations show signs of becoming unanchored.
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