The S&P/ASX 200 dropped 1.5% to around 8,625 in Friday morning trade, marking its steepest loss since early September to reach a four-month low, as fading rate-cut hopes sparked widespread declines. The index is also down about 1.7% for the week and heading for a third straight weekly loss, weighed by bank weakness following CBA’s results and Thursday’s strong jobs report. The data reinforced bets that the Reserve Bank of Australia will stay on hold for longer, further dimming prospects of a 2025 cut after earlier upside inflation surprises had already pushed economists to delay their easing forecasts. Among top decliners, miners fell 2.7% as weaker copper prices weighed on sector giants BHP and Rio Tinto, both down around 2%, while financials slid as much as 1.9%, hitting their lowest since mid-August. Additionally, gold stocks dropped 4%, while technology shares extended their decline, falling 4% to the lowest since late April, tracking a tech-led Wall Street sell-off.