The Australian stock market is trimming its early losses in mid-market trading on Tuesday, but extending the losses in the previous two sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 index is falling below the 8,600 level, with weakness across most sectors led by mining and technology stocks.
The benchmark S&P/ASX 200 Index is losing 32.60 points or 0.38 percent to 8,592.50, after hitting a low of 8,490.00 earlier. The broader All Ordinaries Index is down 43.60 points or 0.49 percent to 8,812.30. Australian stocks closed notably lower on Friday ahead of the holiday on Monday.
Among the major miners, Fortescue is declining almost 3 percent, while Rio Tinto, Mineral Resources and BHP Group are declining more than 2 percent each.
Oil stocks are mixed. Santos is gaining 1.5 percent, while Beach energy and Origin Energy are edging down 0.1 to 0.5 percent each. Woodside Energy is flat.
Among tech stocks, Afterpay owner Block is edging up 0.5 percent and Zip is gaining almost 1 percent, while WiseTech Global is tumbling almost 4 percent, Xero is declining almost 2 percent and Appen is slipping almost 3 percent.
Gold miners are mostly lower. Evolution Mining is slipping almost 5 percent, Resolute Mining is tumbling more than 6 percent, Northern Star Resources is losing more than 4 percent, Genesis Minerals is declining almost 6 percent and Newmont is sliding more than 5 percent.
Among the big four banks, ANZ Banking is declining almost 1 percent, while National Australia Bank and Westpac is slipping more than 1 percent each. Commonwealth Bank is edging up 0.2 percent.
In economic news, Australia's Westpac-Melbourne Institute Consumer Sentiment Index dropped 3.5 percent r-month to 80.6 in June 2026, reversing May's gain and marking its fourth decline this year.
Meanwhile, Australia's NAB Business Confidence Index rose to -14 in May from -24 in the prior month, marking its highest print since February and signaling modest improvement from very weak levels. Confidence, however, remained firmly negative. Business conditions held at 3, halting a four-month slide as activity stabilized despite softer demand.
In the currency market, the Aussie dollar is trading at $0.705 on Tuesday.
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Market Analysis
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.