The Australian stock market is trimming its early losses in mid-market trading on Monday, but extending the sharp losses in the previous session, despite the broadly positive cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,700.00 level, with weakness in financial and technology stocks partially offset by gains in iron ore miners and energy stocks.
The benchmark S&P/ASX 200 Index is losing 59.30 points or 0.68 percent to 8,685.10, after hitting a low of 8,643.50 earlier. The broader All Ordinaries Index is down 55.40 points or 0.62 percent to 8,925.10. Australian stocks closed sharply lower on Friday.
Among the major miners, Fortescue is edging up 0.3 percent and Rio Tinto is gaining more than 1 percent, while BHP Group and Mineral Resources are adding almost 1 percent each.
Oil stocks are mostly higher. Beach energy, Origin Energy and Santos are edging up 0.1 to 0.3 percent each, while Woodside Energy is gaining almost 1 percent.
Among tech stocks, Afterpay owner Block is gaining more than 1 percent, while Xero is declining more than 4 percent, Zip is down more than 3 percent, WiseTech Global is losing almost 3 percent and Appen is slipping almost 2 percent.
Gold miners are mostly lower. Northern Star Resources and Evolution Mining are edging down 0.3 to 0.4 percent each, while Genesis Minerals is losing almost 2 percent. Resolute Mining is gaining more than 1 percent. Newmont is flat.
Among the big four banks, Commonwealth Bank and ANZ Banking are edging down 0.3 to 0.5 percent each, while National Australia Bank and Westpac are declining more than 1 percent each.
In other news, shares in CSL are tumbling more than 19 percent after it downgraded its outlook for the 2026 fiscal year. It has flagged US$S5 billion (A$6.91 billion) in additional non-cash pre-tax impairments over FY26 and FY27.
In economic news, the seasonally adjusted number of total dwellings approved in Australia fell 10.5 percent on month to 17,300 units in March 2026, reversing a 31.0 percent surge in February. This marked the steepest decline since late December. Meanwhile, total dwelling approvals were still up 9.0 percent on year, following a 16.1 percent gain in the previous period.
Private house approvals in Australia rose by 0.9 percent on month to 10,194 units in March 2026, confirming preliminary estimates and easing from a 2 percent increase in the previous month. This marked the fifth consecutive monthly gain. On an annual basis, private house approvals climbed 12 percent, accelerating from a 9.3 percent increase in the previous month.
In the currency market, the Aussie dollar is trading at $0.723 on Monday.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.