Australian Stocks Slide as Rate Hike Bets Surge on Inflation Data

Australian stocks took a hit on Thursday, weighed down by sharp losses in mining and staple stocks. The S&P/ASX 200 index fell 0.6% to 9,074.90 by 0059 GMT.

The benchmark had dropped 0.4% the previous session. Bets of a rate hike at the Reserve Bank of Australia's upcoming September meeting rose to 47%, up from 16% before the data.

Rate-sensitive financials fell 0.4%, while real estate stocks lost 1.4%. Among the laggards, gold stocks shed 1.8%, marking their worst session in over a week as bullion prices extended their losses.

The broader mining sub-index declined 1.1%, with BHP Group and Rio Tinto down 1.1% and 0.4%, respectively. Staples dropped as much as 1.7%, weighed down by Wesfarmers, which flagged spending pressures amid squeezed household budgets.