The S&P/ASX 200 closed nearly flat at 8,596 on Thursday, following a record-high finish in the prior session, as profit-taking in banks outweighed a rally in mining stocks. The financial sector shed over 1% in their weakest session in a week, led by top lender Commonwealth Bank of Australia, down 2.2% to a two-week low. Peers NAB and Westpac also extended losses, dropping 1.1% and 2%, respectively. Meanwhile, heavyweight miners surged over 3% to a three-week high, supported by rising iron ore prices as shipments from top exporters Australia and Brazil declined across all benchmarks. Mining giant BHP climbed 5.6%, its strongest session since January 2021, while Rio Tinto added 1.8%. On the economic data front, Australia’s trade surplus narrowed sharply in May to its lowest level in nearly five years, while China’s services PMI missed expectations. Markets now await next week’s RBA decision, with markets nearly certain of a rate cut amid weak growth and easing inflation risks.