Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

The S&P/ASX 200 was trading lower at midday Monday, down 39.9 points, or 0.43%, to 9,223.7 as of 2:30 p.m. AEST, as a sharp selloff across the major banks weighed on the broader index even as mining, healthcare, gold and technology stocks posted solid gains.

Monday’s dip follows a strong run for Australian equities, with the benchmark index closing at 9,263.60 on Friday and posting a second consecutive weekly gain of 3.2%, according to CNBC. The index had touched fresh record highs twice during the previous week before easing 0.1% on Friday as traders locked in profits, according to Trading Economics.

Westpac drags the big four banks lower

The steepest declines Monday came from the financial sector, led by a soft third-quarter earnings update from Westpac. According to Market Index, the bank’s results showed a stable net interest margin of 1.89%, with core margin up 1 basis point to 1.78%, while lending grew 2% across business, institutional and housing segments and deposits rose 2%. Despite those modestly positive underlying figures, Westpac’s stock fell sharply following the update, and the disappointment spread across the sector.

The broader pullback in bank shares pushed the big four collectively down between 1% and 4.6% during Friday’s session, according to Trading Economics, with weakness continuing into Monday’s trade. Insurers also weighed on the market late last week, with QBE, Insurance Australia Group and AUB Group all posting notable losses on Friday.

Miners, gold and healthcare provide a counterweight

Offsetting the bank-driven weakness, several major resources and healthcare names posted solid gains Monday. According to Market Index, gold and uranium stocks opened broadly higher, while BHP added 1.1%, Northern Star Resources gained 1.8% and Evolution Mining rose 1.5%, based on Trading Economics’ tracking of Friday’s session moves that carried into the current trading week.

CAR Group also rallied Monday following a broadly in-line full-year 2026 result and encouraging guidance for fiscal 2027, according to Market Index’s live coverage of the session.

A notable corporate takeover bid emerges

Beyond the broader index moves, Market Index reported a significant corporate development Monday: Canada’s Element Fleet Management has lodged an indicative bid for ANZ-based fleet manager FleetPartners. The proposal, submitted after market close on Aug. 7, offers $3.80 cash per share via a scheme of arrangement, valuing FleetPartners at approximately $820 million (US$578 million) in equity — a 34.3% premium to the company’s undisturbed closing price of $2.83 on July 31.

According to Market Index, Element indicated it would lift its offer to $4.00 a share if FleetPartners grants a three-week exclusivity period through a process deed by 5 p.m. AEST on Aug. 11, with no further increase flagged absent a superior competing proposal. The offer remains subject to due diligence, a formal scheme implementation agreement, and regulatory approvals from Australia’s Foreign Investment Review Board and the Australian Competition and Consumer Commission, and is conditional on no further dividends or capital returns beyond those already announced.

Treasury Wine Estates takes a major writedown

Separately, Market Index reported that Treasury Wine Estates disclosed an additional $558.4 million post-tax material item charge for fiscal 2026, reflecting a non-cash writedown of its U.S. assets along with further brand impairments, incremental to an earlier impairment already taken at the half-year mark. The charge arrived alongside better-than-expected full-year 2026 earnings and a reiterated outlook for fiscal 2027. Despite the positive earnings surprise, Treasury Wine shares remained down 27% year-to-date, though the stock has rebounded 61% from its March 26 low.

Property sector faces localized pressure

Arena REIT shares also came under pressure Monday after its tenant, Edge Early Learning, requested a deferral or abatement of rent in late July, according to Market Index’s coverage — a reminder that even amid broader index strength, individual sectors continue to face company-specific headwinds tied to tenant and operator financial pressures.

Global backdrop weighing on sentiment

Monday’s session unfolded against a backdrop of mixed signals from global markets. According to CNBC, Asia-Pacific markets traded broadly higher earlier in the session, with Japan’s Nikkei 225 adding more than 0.5%, the Kospi gaining 0.53% and Australia’s benchmark briefly trading as much as 0.54% higher before the afternoon bank-led pullback took hold.

Investor sentiment globally has also been shaped by uncertainty over the Strait of Hormuz standoff between the United States and Iran. According to CNBC, optimism that the two countries were nearing an agreement to allow free passage of vessels through the critical waterway dimmed over the weekend after Iran denied engaging in direct negotiations with Washington on reopening the strait. President Donald Trump told Axios on Sunday that the U.S. was “only semi-negotiating” with Iran and wanted the country to feel continued economic pressure, further complicating the outlook.

Ahead this week: a closely watched rate decision

Looking ahead, traders are bracing for the Reserve Bank of Australia’s policy decision later this week. According to Trading Economics, caution has already begun creeping into the market ahead of that announcement, with sticky underlying costs clouding the outlook even after three separate rate hikes so far this year. Fresh economic data out of China, Australia’s top trading partner, added to that unease Monday, with July inflation there easing to a six-month low and producer prices rising at their slowest pace in three months — signals of continued soft demand in one of Australia’s most important export markets.

Yes. Corporate subscriptions are available for teams and organisations, with discounted rates as user numbers increase. Pricing starts from $1,625 + GST per user.
Get in touch
to discuss the right option for your organisation.

Business News subscriptions are used by executives, investors, consultants and professionals who need to stay informed and make better decisions about the WA market. When you subscribe you’ll get

• Unlimited access to WA’s most trusted business journalism
• Data & Insights — detailed profiles of WA companies, people, projects and deals
• MyBN — a personalised feed based on the companies, people and sectors you follow
• Special publications and industry reports
• Daily and weekly email newsletters

Data & Insights is a research tool built specifically for the WA market. It draws on more than 30 years of Business News reporting, updated regularly to reflect what’s happening now. Use it to:

• Look up detailed profiles of WA companies, including financials, directors and ownership
• Find decision-makers and track their career movements
• Research live and completed projects across WA industries
• Monitor deals, appointments and market activity
• Access industry rankings and league tables

Data & Insights is updated daily by our dedicated research team, which uses the latest announcements, ASX filings and editorial coverage to keep our person, company, list and project records up to date.

Business News welcome all opportunities to make our dataset accurate, complete and current, so if you have an update request, please email the team at
general@businessnews.com.au, and we’d be happy to assist.

MyBN
is part of every subscription. It’s your personalised view of Business News. You can follow the companies, people, sectors and projects that matter to you, and get a news feed and alerts tailored to your interests. You can save articles to read later and retain only what you need.

Only subscribers have full access to all content on the Business News website.

If staying informed about the WA economy is part of your job, and/or you’re looking for networking opportunities in WA, Business News is built for you.

Business News subscribers are:

• Executives and directors tracking competitors, clients and market movements
• Investors and advisers researching companies, deals and industry trends
• Consultants and professionals staying across sectors relevant to their clients
• Business owners looking for leads, context and market intelligence

Most Business News publications cover national or global markets. Business News is focused entirely on Western Australia, which means the journalism, the data and the intelligence are all built around WA companies, people and projects — not adapted from a national feed. Data & Insights, included with every subscription, combines more than 30 years of WA-specific editorial research with live business data. There’s no comparable product for the WA market.

The Morning Digest Email provides a comprehensive wrap of the major headlines, relevant to WA business, and includes with a snapshot of the overnight news covering oil, gold and ASX-listed companies.

The Afternoon Wrap Email focuses on the news covered by our team of journalists during the course of the working day, including exclusive stories and analysis, all of which relates to WA business and the local economy.

The BN Weekender Email contains a wrap of the Business News from the week that was, highlighting the top stories in each area of WA business.
Sign up for free.

We’re happy to help.
Get in touch
and our team will come back to you.

This is the forum for daily political discussion on Seeking Alpha. A new version is published every market day.

Please don’t leave political comments on other articles or posts on the site.

The comments below are not regulated with the same rigor as the rest of the site, and this is an ‘enter at your own risk’ area as discussion can get very heated. If you can’t stand the heat… you know what they say…

More on Today’s Markets:

Moderation Guidelines:

We remove comments under the following categories:

• Personal attacks on another user account
• Anti-Vaxxer or covid related misinformation
• Stereotyping, prejudiced or racist language about individuals or the topic under discussion.
• Inciting violence messages, encouraging hate groups and political violence.

Regardless of which side of the political divide you find yourself, please be courteous and don’t direct abuse at other users.

For any issue with regards to comments please email us at : moderation@seekingalpha.com.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.