ASX 200 Flat Ahead of CPI. Banks Rally, WiseTech Slides

The ASX 200 ended Tuesday with no net change, settling after a morning of bouncing. Investors are parked ahead of Wednesday's inflation print, which will shape near-term rate expectations.

Financials led the session. Macquarie rose 1.6%. National Australia Bank added 1.1%. ANZ, Commonwealth Bank and Westpac all posted solid gains. Money rotated back into the major banks after a stretch where they lagged the broader market. The sector now accounts for roughly a third of the index, so any inflation surprise – hot or cold – will hit the ASX hardest through bank valuations.

WiseTech Global fell 1.5% to a new low. Founder and chairman Richard White is the subject of an Australian Federal Police investigation into trafficking and sexual exploitation claims. The stock has been sliding since the allegations broke. Today's drop extended the weakness, with no relief in sight.

Mining stocks split. BHP managed a small gain, and Rio Tinto traded flat. Gold miners suffered after bullion slipped. Northern Star lost 2.9%, Regis Resources fell 2.1%. The move in gold tracked a firmer U.S. dollar, which typically pressures the metal.

Energy drifted lower with Brent crude near US$78 a barrel. Woodside slipped 0.8%. Viva Energy dropped 3.1% after saying its Geelong refinery will not return to more than 90% operating capacity. That compounds a period of weak margins for Australian refiners.

In company news, Reliance fell 2.5% after announcing it will close its brass casting and machining operations in Melbourne, affecting about 85 jobs. Iluka Resources tumbled more than 10%, despite securing its first binding rare earths offtake agreement with a global automaker. The market focused on near-term rare earth price pressure, which has weighed on producers globally. Lynas Rare Earths also weakened after Malaysian regulators requested an updated environmental impact assessment for its expansion plans.

Stockland edged higher. The company reaffirmed its full-year distribution guidance and outlined an estimated second-half payout of more than 16 cents per share.

In Western Australia, Woodside signed a new agreement to supply Alcoa with 31.1 petajoules of domestic gas through calendar 2030. The deal extends a long-running partnership.

A takeover story is building at Atlas Arteria. Citi said the company's takeover defence is now in play after IFM Investors lifted its stake toward 50%. Atlas boosted its FY26 distribution guidance by 50% to support shareholder returns. Citi believes investor feedback suggests the current $7.4 billion offer is unlikely to succeed without an improved bid.

BHP Group Ltd carries an Alpha Score of 72, labelled Moderate, in the Basic Materials sector.