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Australian Market Significantly Lower

The Australian stock market is significantly lower on Wednesday, extending the losses in the previous three sessions, with the benchmark S&P/ASX 200 staying above the 7,000 mark, following the mixed cues overnight from Wall Street, with traders remaining cautious ahead of the release of inflation data from the U.S. and China.

Rising interest rates, persistent inflation and fears of a global economic slowdown are also weighing on market sentiment.

The benchmark S&P/ASX 200 Index is losing 42.20 points or 0.60 percent to 7,009.00, after hitting a low of 6,991.80 earlier. The broader All Ordinaries Index is down 45.00 points or 0.62 percent to 7,240.20. Australian stocks ended significantly lower on Tuesday.

Among major miners, OZ Minerals is losing almost 2 percent and Rio Tinto is down almost 1 percent, while Fortescue Metals, Mineral Resources and BHP Group are slipping more than 1 percent each.

Oil stocks are mostly lower. Woodside Petroleum is losing more than 1 percent, Origin Energy is edging down 0.2 percent and Santos is slipping almost 1 percent, while Beach energy is gaining almost 1 percent.

In the tech space, WiseTech Global is losing more than 1 percent, Xero is declining 2.5 percent, Zip is slipping almost 2 percent, Appen is sliding more than 3 percent and Afterpay owner Block is down almost 1 percent.

Among the big four banks, ANZ Banking is edging down 0.3 percent, National Australia Bank is declining more than 3 percent and Westpac is edging down 0.5 percent. Commonwealth Bank is flat.

Among gold miners, Gold Road Resources is losing 1.5 percent, Newcrest Mining is declining almost 2 percent and Resolute Mining is plunging more than 6 percent, while Evolution Mining and Northern Star Resources are down more than 2 percent each.

In the currency market, the Aussie dollar is trading at $0.694 on Wednesday.

On Wall Street, stocks went on a rollercoaster ride over the course of the trading day on Tuesday after moving sharply lower over the three previous sessions. The major averages swung wildly back and forth across the unchanged line before ending the session mixed.

The tech-heavy Nasdaq jumped 114.42 points or 1 percent to 11,737.67 and the S&P 500 rose 9.81 points or 0.3 percent to 4,001.05, while the narrower Dow fell 84.96 points or 0.3 percent to 32,160.74, ending the session at its lowest closing level in over a year.

Meanwhile, the major European markets moved back to the upside following recent weakness. While the German DAX Index jumped by 1.2 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index rose by 0.5 percent and 0.4 percent, respectively.

Crude oil prices fell sharply on Tuesday, extending losses from the previous session amid concerns over a likely drop in energy demand. A stronger dollar weighed as well on oil prices. West Texas Intermediate Crude oil futures for June ended lower by $3.33 or 3.2 percent at $99.76 a barrel, a two-week low.

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