Australian Shares Fall; Cochlear Confirms US Duty-Free Access for Hearing Implant Systems
Australian shares declined on Friday, as concerns over inflation rose after oil prices jumped above the $100-mark.The S&P/ASX 200 Index declined 0.75%, or by 66.70 points, to close at 8,772.30.Overnight, the Nasdaq Composite index on Wall Street fell 2.2%, the S&P 500 retreated 1.2%, and the Dow Jones declined 1%.Brent crude oil futures were trading over $100 per barrel, after jumping 7% overnight to a two-month high of $102 per barrel. The Iran-aligned Houthis struck Saudi Arabian tankers in the Red Sea even as shipping remains constricted in the Straits of Hormuz.US President Donald Trump threatened to escalate the conflict with Iran after the attacks in the Red Sea. The US administration is also said to intend to impose higher tariffs on 60 trading partners.On the domestic front, Australia's private sector expanded at its fastest pace in 2026 in July as new business returned to growth after four months; however, business confidence remained subdued despite easing cost pressures, according to a S&P Global survey. The Flash Australia PMI Composite Output Index rose to 52.6 in July from 50.4 in June, marking its highest level since the start of the year and indicating a second consecutive month of private sector growth.The Reserve Bank of Australia (RBA) is anticipated to hold interest rates steady at 4.35% in 2026 amid a slowing activity backdrop, despite elevated inflation risks, before beginning to cut rates from mid-2027, National Australia Bank (ASX:NAB) said.In company news, Cochlear (ASX:COH) said its hearing implant systems will continue to be imported into the US duty-free after the US Government's final Section 301 investigation findings retained the tariff classification covering duty-free entry for hearing implants.Newmont (ASX:NEM) reported second quarter adjusted net income of $2.10 per share, up from $1.43 a year earlier. Revenue for the three months ended June 30 was $6.12 billion, compared with $5.32 billion a year earlier.Lastly, ASX (ASX:ASX) said Chief Financial Officer Andrew Tobin informed the group of his intention to retire.
