ASX 200 falls 1.00% to 8,920.8 as Westpac joins the RBA rate hike calls
ASX 200 close: 8,920.8 (-1.00%) Breadth: 81 advancers / 139 decliners (237-name large-cap sweep) Sentiment: bearish
The S&P/ASX 200 closed at 8,920.8 on 8 September 2026, down 90.1 points or 1.00%, its lowest close in six weeks, after Westpac became the last of the big four to forecast an RBA rate hike. Banks led the fall, with ANZ.AU off 2.61%, CBA.AU 1.76% and NAB.AU 1.45%, while SRL.AU posted the day's largest single-name gain, up 21.19% to $19.39 with no announcement to the market. Westpac Melbourne Institute consumer sentiment dropped 5.2% to 84.4 in September and NAB business conditions turned negative for the first time in six years, at -1.
What moved the index
- Banks and financials: about 35 bps of the 100 bps fall. CBA.AU -1.76%, ANZ.AU -2.61%, NAB.AU -1.45%, WBC.AU -1.26%, MQG.AU -1.19%. Westpac chief economist Luci Ellis moved the bank to a November hike call taking the cash rate to 4.6%, citing evidence of a more resilient household sector and spillovers from data centre investment. NAB, Deutsche Bank and UBS already expect the move on 29 September.
- Consumer names: about 13 bps. WES.AU -2.69%, JBH.AU -2.25%, WOW.AU -1.73%, EDV.AU -1.24%, COL.AU -0.89%. September consumer sentiment fell 5.2% to 84.4 from 88.9, with assessments of finances versus a year ago down 9.2% to 72.6 and petrol above $2 a litre.
- Technology and online marketplaces: about 11 bps. WTC.AU -2.79%, CAR.AU -2.73%, XRO.AU -2.61%, REA.AU -2.60%, NXT.AU -1.80%. The Australian 10-year yield sits at its highest since 2011.
- Property trusts: about 7 bps. SGP.AU -2.95%, CHC.AU -1.74%, GMG.AU -1.70%, MGR.AU -1.63%. GMG.AU alone, at roughly 2% of the index, supplied about half of that.
Together those four account for roughly 66 bps of the 100 bps index move, against about 5 bps of offset from CSL.AU (+0.94%) and the energy names STO.AU (+0.72%) and ORG.AU (+0.89%). The remaining 39 bps came from the tail. 139 of the 237 large caps swept finished lower, and 81 finished higher.
Session highlights
- 8,998.6 was the high, set in the first hour. The 8,920.8 close sat 3.4 points above the session low of 8,917.4.
- AU VIX (AXVI) rose 13.29% to 11.96 while the US VIX added 1.96% to 15.60.
- Brent rose 2.48% to US$98.67 a barrel and WTI 2.97% to US$94.20, with Strait of Hormuz shipping still disrupted. Energy (+0.13%) and Utilities (+0.26%) were two of the three sectors to close higher.
- Copper set a record US$14,533 a tonne on the LME overnight, about 50% higher over 12 months; the COMEX front month closed the AU session at US$6.789 a pound, up 1.59%.
- CXO.AU rose 6.06% to $0.35 after producing first spodumene concentrate from the restarted Finniss plant, on schedule and on budget.
Sector scorecard
- Best: Utilities (+0.26%)
- Worst: Technology (-1.89%)
- Dispersion (best minus worst): 2.15 pts
- Materials split by commodity: copper and lithium names rose (S32.AU +1.56%, CXO.AU +6.06%) while the iron ore majors fell (BHP.AU -0.60%, RIO.AU -0.77%, FMG.AU -1.35%), 2 up against 3 down among the sector's index heavyweights.
Top movers
| Ticker | Move | Reason |
|---|---|---|
| SRL.AU | +21.19% | Opened at $16.23, closed $19.39. Unannounced, likely flow-driven. |
| TCG.AU | +7.23% | Rose to $0.89 while gold fell 0.62%. Unannounced, likely flow-driven. |
| CXO.AU | +6.06% | First spodumene concentrate from the restarted Finniss plant |
| EQR.AU | +5.48% | Closed $0.385. Unannounced, likely flow-driven. |
| MGH.AU | +5.11% | Closed $5.96. Unannounced, likely flow-driven. |
| TEA.AU | -5.68% | Closed $9.30. Unannounced, likely flow-driven. |
| 4DX.AU | -4.83% | Closed $3.35. Unannounced, likely flow-driven. |
| JDO.AU | -4.67% | Closed $1.02, the steepest fall in the listed banks |
| TWE.AU | -4.12% | Closed $5.35 as consumer sentiment data landed |
| NXL.AU | -3.89% | Closed $1.855. Unannounced, likely flow-driven. |
Notable announcements
- CXO.AU produced first spodumene concentrate from the restarted Finniss plant, on schedule and on budget. Shares closed 6.06% higher at $0.35.
- RIO.AU fell 0.77% to $176.00 after China Mineral Resources Group told some steel mills to halt shipment negotiations with Rio Tinto for deliveries from September. CMRG negotiates for more than half of China's 1.2 billion tonnes of annual iron ore imports.
- NAB's August business survey put conditions at -1, down 5 points, and confidence at -8, down 2 points. Profitability fell 10 points to -9 as purchase costs grew 2.3% for the quarter against 0.8% product price growth.
At the AU close (16:15 AEST)
| Asset | Level | Change | Context |
|---|---|---|---|
| S&P 500 futures (ES=F) | 7,704.00 | -0.23% | US cash market shut during AU hours |
| Nasdaq futures (NQ=F) | 29,622.00 | +0.19% | Split from S&P futures on the session |
| US VIX | 15.60 | +1.96% | Against AU VIX at 11.96, up 13.29% |
| Nikkei 225 | 65,269.33 | -1.70% | Steepest fall in the region |
| Hang Seng | 25,336.50 | -0.30% | Still trading at the AU close |
| Brent crude | US$98.67 | +2.48% | Four-month high on Middle East supply risk |
| Gold (COMEX front month) | US$4,448.70/oz | -0.62% | Fell as US yields rose |
| AUD/USD | 0.7216 | -0.05% | Held its level through the rate hike repricing |
Next 24h catalysts (AEST)
- Wed 09:00: ASX open. S&P 500 futures were down 0.23% and Nasdaq futures up 0.19% at the AU close.
- Wed 23:30: US cash market opens, the first full session after Monday's close of S&P 500 -0.38%, Nasdaq -0.29%, Dow -0.51%.
- Fri 22:30: US August CPI, released 08:30 US Eastern on 11 September.
- Tue 29 Sep: RBA cash rate decision. NAB, Deutsche Bank and UBS forecast a 25 bp rise to 4.6%; ANZ, CBA and now Westpac call November.
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