ASX retreats below 9000 points as AI scare trade dominates global markets. Despite softer U.S. CPI data and a Supreme Court ruling against Trump's tariffs, tech sector weakness continues to overshadow positive domestic signals. The Australian market remains vulnerable to Wall Street sentiment. Gold prices pulled back from above US$5,200 per ounce while the VIX index stabilized slightly. Domestically, mixed earnings results emerged: Woodside's 25 percent profit decline failed to deter investors due to upcoming major projects, while Kogan surged nearly 8 percent on strong consumer spending. Austal continued its volatility, falling 10 percent after analyst downgrades. Australia's record-low unemployment supports consumer discretionary spending, yet broader market uncertainty persists as investors await tomorrow's CPI data release.
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