Sydney, February 2, 2026, 21:50 AEDT — Market closed
- Australian shares dropped, dragged down by miners with gold stocks leading the decline.
- Traders are on edge ahead of Tuesday’s Reserve Bank of Australia decision.
- GrainCorp and Corporate Travel Management reacted to fresh company updates.
Australian stocks fell Monday, with the S&P/ASX 200 dropping 1.02%, or 90.5 points, to finish at 8,778.6. The Aussie dollar also dipped 0.56%, landing at $0.6924. (Market Index)
The benchmark’s decline was its sharpest in two months, closing at its lowest point since Jan. 12. The slide came as gold prices took a sharp hit, dragging down miners. Investors also braced for a likely quarter-point rate hike from the central bank this week, following December’s hotter-than-expected inflation. (Indo Premier)
Gold’s decline kept pushing lower into the Asian session. Spot gold dropped 3.2% to $4,708 an ounce, after tumbling nearly 10% earlier. The surge in futures margin requirements is sparking forced selling — margins are the cash traders must post to maintain leveraged positions. “It is definitely creating a sort of feedback loop,” said Zain Vawda, an analyst at MarketPulse by OANDA. (Reuters)
Tuesday is the next big day for Australia. The Reserve Bank of Australia will release its decision statement at 2:30 p.m. AEDT, with a press conference slated for 3:30 p.m. AEDT. (Reserve Bank of Australia)
Sector moves were mixed, but commodities took the brunt of the selling. BHP dropped 2.3%, Rio Tinto slipped 1.0%, and oil and gas stocks weakened as Brent crude tumbled over 4%, settling just above $66 a barrel. Santos slid 3.3%. Banks fared better, while Nine Entertainment surged 6.6% after announcing a strategic shift away from radio toward outdoor advertising, according to ABC market coverage. (ABC News)
GrainCorp took a hit after updating its guidance. The firm now expects FY26 underlying EBITDA—earnings before interest, tax, depreciation, and amortisation—to land between A$200 million and A$240 million. Underlying net profit after tax is tipped at A$20 million to A$50 million. CEO Robert Spurway pointed to “record global production” flooding the market, leading to an oversupply of grain. That’s squeezing margins on the grain they handle. (Afr)
Corporate Travel Management announced a shake-up at the top. Founder and managing director Jamie Pherous is stepping down from both executive and board positions. Meanwhile, chief commercial officer Ana Pedersen takes over as acting group CEO while the board hunts for a permanent replacement. “Now is the appropriate time to accelerate the transition,” chairman Ewen Crouch noted. (Afr)
Tuesday’s risk boils down to one thing: the commodity shock either eases or intensifies. If metals face another wave of margin-driven selling, miners will stay under pressure. And any unexpected move from central banks—whether in their decision or tone—could rapidly ripple through banks, property trusts, and the currency.
Investors turn their attention to the RBA decision at 2:30 p.m. AEDT, followed by the press conference. The market will be focused on the bank’s stance on inflation and its outlook on how much further rates might rise.
