The Australian market is extending its early losses in mid-market moves on Thursday, but reversing the gains in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling below the 8,650 level, with weakness across most sectors led by gold miners and technology stocks.
The benchmark S&P/ASX 200 Index is losing 96.30 points or 1.11 percent to 8,621.40, after hitting a low of 8,620.00 earlier. The broader All Ordinaries Index is down 95.80 points or 1.08 percent to 8,849.40. Australian stocks ended notably higher on Wednesday.
Among major miners, Rio Tinto is declining almost 2 percent, Fortescue is losing more than 1 percent, BHP Group is edging down 0.4 percent and Mineral Resources is down almost 1 percent.
Oil stocks are mostly lower. Beach energy is down more than 1 percent and Santos is edging down 0.3 percent, while Woodside Energy and Origin Energy are losing almost 1 percent each.
In the tech space, Afterpay owner Block is gaining more than 2 percent, while WiseTech Global is losing almost 2 percent, Zip is slipping almost 1 percent, Xero is down more than 1 percent and Appen is edging down 0.4 percent.
Among the big four banks, Commonwealth Bank, National Australia Bank, Westpac and ANZ Banking are all losing more than 1 percent each.
Among gold miners, Evolution Mining and Northern Star Resources are declining more than 3 percent each, while Newmont is tumbling more than 5 percent, Genesis Minerals is slipping more than 4 percent and Resolute Mining is sliding more than 6 percent.
In the currency market, the Aussie dollar is trading at $0.712 on Thursday.
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Market Analysis
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.