The S&P ASX 200 fell 0.5% to 8,820 on Monday, marking its fourth consecutive session of losses and hitting a one-week low, as heavy selling in materials stocks weighed on the market. Mining heavyweights led the declines, with BHP Group, Rio Tinto and Fortescue Metals falling between 0.9% and 2.5%, tracking weakness in underlying iron ore and copper prices. Gold producers were hit particularly hard after bullion prices tumbled, amid reports that US President Trump plans to nominate Kevin Warsh to lead the Fed, who is widely viewed as a more hawkish candidate. Newmont Corporation, Evolution Mining and Northern Star Resources plunged between 6.2% and 7.8%. On the data front, the manufacturing PMI was revised to a five-month high of 52.3 in January 2026, from 51.6 in December. Attention now turns to Tuesday’s RBA policy decision, with markets widely expecting a 25 bps rate hike to 3.85%, as policymakers move to contain what appears to be resurgent inflationary pressure.