The S&P/ASX 200 edged 0.1% lower to finish at 8,831.40 on Thursday, as investors locked in profits after two record-high sessions driven by rising bets on domestic and global rate cuts. Investors are pricing in over 92% odds of a quarter-point RBA rate cut on August 12, with expectations also building for a US Fed cut in September. Meanwhile, markets turned cautious after US President Trump recently announced steep tariffs on pharmaceuticals and, in the latest update, a 100% levy on semiconductor imports. On the data front, Australia’s trade surplus jumped to AUD 5.37 billion in June 2025 - its highest since March - driven by a 6.0% rise in exports to a 16-month high of AUD 44.32 billion. In corporate news, financial and healthcare stocks declined, while ASX Ltd tumbled 8.6% after flagging elevated costs tied to a regulatory probe. Focus now shifts to next week’s earnings, with major banks like CBA, Westpac, and ANZ set to report.