The S&P/ASX 200 edged down by 0.2% to 8,958 on Monday, reversing gains from the previous week as it tracked Wall Street’s retreat last Friday. The downturn followed renewed concerns over persistent inflation in the US economy, as the Core PCE index - considered the Federal Reserve’s preferred inflation gauge - rose 2.9% year-over-year in July, in line with forecasts but marking the fastest pace since February. On the domestic front, Australia’s manufacturing sector showed continued resilience, with the Manufacturing PMI rising to 53 in August 2025 from 51.3 in July - its highest level in nearly three years and the eighth consecutive month above the 50-point threshold, indicating expansion. Major miners were among the worst performers, with Fortescue tumbling 4.6%, Rio Tinto shedding 1.1%, and BHP Group falling 1%. Moreover, energy stocks are expected to come under pressure amid falling oil prices, with Woodside Energy Group already down 1.1%.