Australian Stocks Slide as Traders Eye Higher Interest Rates

Australia's main stock market indices have been on a downward trend for much of the week. The S&P/ASX200 fell 14.2 points on Friday, down 0.16 per cent to 9,005.9, while the broader All Ordinaries lost 2.3 points or 0.03 per cent to 9,196.

The top 200 lost just under one per cent since Monday. Interest rate markets now expect a nearly 80 per cent chance of a Reserve Bank cash rate hike later in September after June-quarter GDP figures came in hotter than expected.

Miners dipped on Friday but had improved over the week, as copper clung to recent gains and gold lifted on a dovish US Federal Reserve pivot and ongoing central bank buying. Precious metals were also supported by the 'de-dollarisation' or 'debasement' trade.