FX.co ★ Australian Stocks Finish Lower

On Thursday, the S&P/ASX 200 index declined by 0.3% to close at 8,709, breaking a two-session winning streak, primarily due to a drop in Macquarie shares which outweighed the gains observed in biotechnology giant CSL. The financial sector saw a 0.3% drop as Macquarie, accounting for 3% of the index, experienced a significant decline of 5.1% - its worst performance in the past three months. This was attributed to a weaker-than-expected Q1 profit, coupled with the Chief Financial Officer's resignation, concerns around executive compensation, and analysts highlighting diminished earnings visibility due to dependence on asset sales and commodity exposure. Furthermore, gold stocks fell by 1.9%, marking their sharpest decline since July 16, as gold prices continued to drop amid reports of progressing global trade agreements. Reports indicate that the US and EU are on the verge of agreeing to a 15% tariff on most imports to avert a broader trade war, following a recent US-Japan agreement that alleviated global tensions. Meanwhile, healthcare stocks enjoyed a 1% increase, reaching a five-month peak, driven by CSL's 1.5% rise amid a defensive shift in investments. In addition, major miner Fortescue Metals Group surged by 4.3%, reaching its highest level since February, following a record-breaking Q4 iron ore shipment.