The S&P/ASX 200 fell 0.4% to around 8,780 on Wednesday, extending losses for a third consecutive session, as concerns over rising tensions between US and Europe persists. Over the weekend, US President Trump threatened new tariffs of 10% from February 1 on eight European countries, rising to 25% by June if talks fail to deliver US control of mineral-rich Greenland. Banking stocks, making up a big portion of the benchmark index, dropped 1.3% to a six-week low. The four largest banks traded in the red, led by top lender Commonwealth Bank, down 2.1%. Additionally, local technology shares declined 2.3% to a nine-month low, tracking their Wall Street peers lower. Meanwhile, mining heavyweight Rio Tinto advanced 2.3% after posting higher 2025 production, while its peer BHP added 0.6% on record first-half iron ore output. Gold stocks also climbed to a record-high as bullion prices surged on strong safe-haven demand. Markets now await December jobs data this week for cues on policy outlook.