The Australian stock market is trading notably lower on Thursday with investors indulging in some heavy selling across the board amid renewed worries about the impact of the debt crisis in Greece on the global economy. A sharp fall on Wall Street overnight following some weak economic data too is contributing to the decline.
The benchmark S&P/ASX 200 index, which tumbled to around 4,507 in early trades, is now down 45.8 points or 1 percent at 4,521. The broader All Ordinaries index is down 46.4 points or 1 percent at 4,589, around 12 points off the day's low of 4,577.1.
Almost all the sectoral indices are in negative territory with notable losses. Energy, mining and financial stocks are among the worst hit in the sell-off this morning.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, and National Australia Bank are down 1 to 1.2 percent, while Westpac is down nearly 2 percent. Bendigo & Adelaide Bank and Bank of Queensland are trading lower by 0.6 percent and 1.7 percent respectively. Commonwealth Bank of Australia has quashed media speculation that it was ever interested in buying Insurance Australia Group Ltd.
In the mining space, BHP Billiton, Rio Tinto and Fortescue Metals are down 1.3 to 2 percent. Newcrest Mining is trading lower by about 0.6 percent.
Aquarius Platinum, Incitec Pivot, Lynas Corporation, Macarthur Coal, Oz Minerals and Bluescope Steel are down with sharp losses.
Among energy stocks, Woodside Petroleum, Santos and Origin Energy are down 1.1 to 1.5 percent, and Oil Search is losing about 0.5 percent. Caltex Australia is down as much as 3.2 percent.
Seven West Media, Primary Healthcare, Leighton Holdings, Boart Longyear, Aristocrat Leisure and Panaust are down 1.5 to 3 percent now.
In the currency market, the Australian dollar opened sharply lower amid worries that Greece's debt crisis could spread to other economies. In early trades, the Aussie was quoting at US$1.0578, down more than a cent from Wednesday's close of US$1.0688.
Among other markets in the Asia-Pacific region, Japan, New Zealand, Singapore and South Korea are trading notably lower, while Shanghai and Malaysia are down marginally. Markets across the region ended on a mixed note on Wednesday.
On Wall Street, stocks plunged sharply on Wednesday amid a disappointing batch of U.S. economic data and renewed concerns about the debt crisis in Greece.
The major averages more than offset Tuesday's strong gains, falling to their worst closing levels in nearly three months. The Dow plummeted 178.8 points or 1.5 percent to 11,897.3, the Nasdaq plunged 47.3 points or 1.8 percent to 2,631.5 and the S&P 500 tumbled 22.5 points or 1.7 percent to 1,265.4.
Major European markets all showed notable moves to the downside on Wednesday. The U.K.'s FTSE 100 index lost 1 percent, while the French CAC 40 index and the German DAX index ended lower by 1.5 percent and 1.3 percent respectively.
Crude oil prices declined sharply on Wednesday amid demand worries following weak U.S. economic data. Light, sweet crude for July delivery ended down $4.56 at $94.81 a barrel on the New York Mercantile Exchange, its lowest close since February 22, 2011.
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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.