AU Evening Wrap | ASX Hits Record High Despite Slump in Rio Tinto and BHP

Shares in major mining companies fell as iron ore prices dropped in Shanghai after a two-day holiday in China, following disappointing economic data. Rio Tinto slipped 0.5%, BHP eased 0.1%, and Fortescue fell 0.3%. Iron ore futures in Singapore retreated 1.5% to $90.80.

Energy shares remained stable with oil prices as investors assessed the impact of a deadly attack in the Middle East. Brent crude futures eased to $73.34 per barrel, while U.S. crude fell 0.5% below $71. Beach Energy and Santos were up 0.2%. Analysts are cautiously monitoring developments but remain skeptical of a significant supply shock.

Woodside rose 0.2% after securing a 10-year LNG sale contract with Japan's JERA. BlueScope Steel gained 0.6% following an agreement to test green iron production with Israel's Helios Project.

The big banks showed mixed performance with ANZ down 0.5% and Macquarie Group falling 1.7% as it considers selling its stake in Wavenet. National Australia Bank rallied 1%. Traders are focused on US interest rates, with a 63% chance of a 50 basis point cut, though strong August retail sales data challenges this view.