The S&P/ASX 200 inched down 10 points, or 0.1%, to end at 8,631 on Friday, reversing early gains following a modest rise in the prior session. Sentiment weakened as U.S. stock futures fell sharply, as President Trump departed Beijing today after two days of talks with his Chinese counterpart, Xi Jinping. For the week, markets lost 1.3%, swinging from a prior gain amid persistent inflation fears. Meanwhile, Australia’s 2026/27 budget has outlined curbs on negative gearing to spur new housing investment, raising fears of slower mortgage growth. Financials fell sharply, though Commonwealth Bank rose 1.9% after its steep drop earlier. Miners also retreated on softer iron ore and copper prices, with BHP down 2.6% and Rio Tinto off 3.2%, easing from record highs hit earlier in the week. Other laggards included PLS Group (-5.8%), Evolution Mining (-5.5%), and South32 Ltd. (5.1%). Investors now brace for flash PMI readings for May, due next week, along with RBA minutes and April jobs data.