Australian shares slip as BHP copper output falls and NAB announces 2,500 job cuts

Australia's benchmark ASX 200 closed down 0.33% at 8,816.90 after a mixed trading session that began with more than a 1% drop. BHP led the mining sector lower, slipping 1.59% after disclosing a 19% reduction in copper production for the three months to September, while Rio Tinto and Fortescue also moved modestly. Analysts noted that copper prices have risen sharply, but the volume shortfall raises concerns for future earnings.

National Australia Bank contributed to the decline by announcing a 2,500-job reduction aimed at simplifying its operating model, sending its shares down 1.75% and pressuring other banks. Technology stocks such as WiseTech Global, Xero and Technology One rose, offsetting some losses. Smaller companies reported mixed results, with Hub24 gaining on large inflows and Corporate Travel Management jumping after a new IATA deal.