ASX Dips as Oil Rallies on Russia Sanctions and Traders Watch Trump–Xi Meeting

Weakness in banks and healthcare outweighed strength in energy, technology and critical minerals.

Overview

By early session later in the day, the S&P/ASX 200 slipped 0.15% to 9,019 and the All Ordinaries fell 0.13% to 9,317.2.
Energy shares extended gains as oil hovered near US$62 a barrel after fresh U.S. sanctions on Rosneft and Lukoil, with analysts citing signs China and India may honor the curbs.
Confirmation of an Oct. 30 meeting between President Trump and President Xi supported risk sentiment, though economists cautioned expectations for breakthroughs remain low.
Lithium and critical minerals rallied, with Pilbara Minerals jumping 9.12% after reporting a 30% revenue rise to $251 million, and broader miners advancing on a new US–Australia funding deal.
Banks and healthcare dragged the market, with the big four in the red and CSL down 2.34%, while the Australian dollar eased back below US$0.65.