The Australian market is trading lower on Wednesday with investors indulging in some heavy selling across the board following a weak lead from the U.S. and European markets.
Mining and energy stocks are down sharply, and mirroring their decline, the Metals & Mining index and the Energy index are down more than 3 percent and 2 percent, respectively. Consumer discretionary, financial, industrial and property trusts stocks are also mostly trading notably lower.
The benchmark S&P/ASX 200 index is down 67.5 points or 1.6 percent at 4,198.8. The broader All Ordinaries index is trading at 4,245, down 70.5 points or 1.6 percent from its previous close.
Among top miners, BHP Billiton is down 2.8 percent, Rio Tinto is losing about 3.5 percent, Fortescue Metals is down with a loss of over 4 percent and Newcrest Mining is trading lower by around 3 percent.
In the energy sector, Woodside Petroleum is down 2.3 percent, Santos is down with a loss of 2 percent, Oil Search is trading lower by 1.8 percent and Caltex Australia is trading 2.7 percent down.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac are down 0.6 to 1.4 percent. Bendigo & Adelaide Bank and Bank of Queensland are trading lower by 1.5 percent and 1.8 percent, respectively.
Toll Holdings shares are down more than 12 percent following and announcement from the company that earnings in 2012 will be sharply lower due to weakness in the retail sector.
Toll Holdings said it expects underlying earnings before interest and tax to fall to about A$400-A$420 million, excluding one-off items but including associate earnings. The company reported EBIT of A$436 million for the 2011 financial year.
Aquarius Platinum is down 9.5 percent and Paladin Energy is trading lower by 9.3 percent. Whitehaven Coal, Atlas Iron, Boart Longyear, Panaust, Regis Resources and David Jones are down 3.5 to 6.5 percent.
Perseus Mining, Onesteel, Incitec Pivot, Bluescope Steel, Asciano and Downer EDI are trading lower by 2.5 to 3.3 percent.
On Wall Street stocks ended weak on Tuesday after showing a lack of direction for much of the session, with worries about Greece weighing on the markets once again, overshadowing a batch of largely upbeat U.S. economic data.
The major averages moved roughly sideways going into the close and ended firmly in negative territory. The Dow drifted down 63.3 points or 0.5 percent to 12,632, the Nasdaq ended down 8.8 points or 0.3 percent at 2,893.8 and the S&P 500 dropped 7.7 points or 0.6 percent to 1,330.7.
Major European markets too ended lower on Tuesday. The German DAX index lost 0.8 percent, while the French CAC 40 index and the U.K.'s FTSE 100 index declined by 0.6 percent and 0.5 percent, respectively.
U.S. crude oil futures ended at a five-month low on Tuesday, amid demand growth concerns due to eurozone worries. The dollar's surge against other major currencies too contributed to oil's weak close. Crude for June delivery dropped $0.80 or 0.8 percent to close at $93.98 a barrel on the New York Mercantile Exchange.
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