The Australian stock market is trading weak on Tuesday with investors tracking cues from Wall Street and pressing sales in some key stocks from financial, mining, energy and information technology sections. Consumer staples, healthcare and property trust stocks are finding modest support.
The benchmark S&P/ASX 200 index, which declined to 4,413.7 in early trades, is currently trading at 4,442, down 10.7 points or 0.2% from its previous close. The broader All Ordinaries index is down 13.1 points or 0.3% at 4,470, well off the day's low of 4,446.3.
On Monday, the S&P/ASX 200 index ended up 82.6 points or 1.9% at 4,452.7, while the All Ordinaries index moved up by 79 points or 1.8% to 4,483.1.
Among bank stocks, Westpac is down 1.7%, ANZ Bank is down with a loss of 1% and National Australia Bank is trading lower by 0.8%, while Commonwealth Bank of Australia is down marginally. Bank of Queensland is down 1.7%, while Bendigo & Adelaide Bank is trading flat. Macquarie Group shares are trading lower by 0.8%.
Among top miners, BHP Billiton is down 1.6%, Rio Tinto is trading lower by 1.1% and Fortescue Metals is down with a loss of 0.4%, while Newcrest Mining is in positive territory with a gain of about 1.5%.
Shares of magnetite producer Grange Resources Ltd are down nearly a percent. The company's full-year profit declined by over 50% to A$42.6 million, while revenue was down 35.7% to A$42.2 million. The company says its full-year profit has been hit hard by the global financial crisis, but a move to index pricing is improving its fortunes. Grange is Australia's only commercial producer of magnetite pellets.
In the energy space, Woodside Petroleum, Santos and Oil Search are trading lower by 0.2%-0.6%, while Origin Energy is down with a loss of over 2%.
In the currency market, the Australian dollar opened lower amid fears about the American economy. In early trades, the Aussie was quoting at US$0.8916-US$0.8923, down 0.7% from Monday's close of US$0.8979-US$0.8982. The Australian dollar is currently trading at 0.8943 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Japan is down sharply with its benchmark Nikkei trading lower by as much as 2.3%. New Zealand, Singapore, South Korea and Taiwan are also down with notable losses. Markets across the region had ended on the upside on Monday.
On Wall Street, stocks suffered a setback on Monday, as continued uncertainty regarding the direction of the economy ahead of this week's August employment report prompted risk aversion. The major averages offset a majority of Friday's rally, pulling back down towards last week's more than one-month closing lows.
The Dow plunged by 140.9 points or 1.4% to 10,009.7, the Nasdaq declined by 33.7 points or 1.6% to 2,120 and the S&P 500 lost 15.7 points or 1.5% to end at 1,048.9.
Major European markets posted moderate losses on Monday. The French CAC 40 index and the German DAX index lost 0.6% and 0.7% respectively, while the U.K. market was closed for the day.
Crude oil prices drifted lower after three successive days of gains, as the dollar gained ground and investors chose to wait for more clues about economic conditions. Light, sweet crude for October delivery eased US$0.47 to US$74.70 a barrel on the New York Mercantile Exchange.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.