Banks weigh on Australian shares as ANZ layoffs add caution, miners drag

Sep 9, 2025, 13:36 GMT+7
Key points:

• S&P/ASX 200 drops 0.5%
• ANZ to cut 3,500 jobs; shares down 0.2%
• BHP to pay $72.5 mln to settle Samarco class action
• NZ50 sheds 0.2%

(Reuters) - Australian shares closed lower on Tuesday, dragged by banks after ANZ Group announced one of the sector's biggest job cuts in years, while miners fell as investors booked profits.
The S&P/ASX 200 indexclosed down 0.5% at 8,803.5 points. The benchmark ended 0.2% lower on Monday.
Australia's fourth-biggest lender ANZ Groupsaid it will be cutting 3,500 jobs next year and flagged more "ugly" changes in the horizon to safeguard the bank's future. It's stock was 0.2% lower at close.
Shares of Australia's biggest lender Commonwealth Bankclosed 1.3% lower.
"Stretched valuations, margin pressure from looming RBA cuts and fresh signals like ANZ's brutal layoffs are prompting investors to lock in profits and reassess the sector's fundamental health", said Hebe Chen, a market analyst with Vantage Markets.
There is an 86% probability of the Reserve Bank of Australia delivering a quarter-point cut in November, having already cut rates by 75 basis-points this year. It is widely expected to hold rates at its September-end meeting.
Stocks of global mining giants BHPand Rio Tintowhich delivered strong performances last two months, fell 1% and 1.1% as investors booked profits.
BHP said on Tuesday it would pay $72.5 million to settle an Australian shareholder class action related to a deadly 2015 tailings dam collapse in Brazil.
"Miners fell to temporary profit taking given the weak Chinese demand during the military parade week", said Justin Lin, an investment analyst at Global X ETFs.
Gold stockslimited benchmark losses by surging 1.3% to a record closing high after gold prices rallied.
Bullion players Vault Mineralsand Ramelius Resourcessoared 4.2% and 1.8% respectively.
New Zealand's benchmark S&P/NZX 50 indexclosed 0.2% lower at 13,253.73 points.
($1 = 1.5154 Australian dollars)

Sumber : Reuters