The Australian stock markets slipped into negative territory after a positive start on Wednesday, but edged higher subsequently thanks to modest support at lower levels. However, with investors treading cautiously amid mixed cues, the market is currently seen struggling a bit.
Energy, materials and industrial stocks are seeing some buying, while consumer staples, property trusts and telecommunications stocks are exhibiting weakness.
The benchmark S&P/ASX 200 index, which declined from a high of 4,939, is currently trading at 4,916, down 8.7 points over its previous close. The broader All Ordinaries index is down 3.9 points at 4,935.
On Tuesday, the S&P/ASX 200 index ended stronger by 48 points or 0.98% at 4,924, while the All-Ordinaries index ended at 4,839, recording a gain of 49.7 points or 1.02%.
In the banking space, ANZ Bank, National Australia Bank and Westpac Banking Corp. are trading lower by 0.5%-1%, while Commonwealth Bank of Australia is up in positive territory with a gain of 0.6%.
Among top miners, BHP Billiton is up 0.7% and Rio Tinto is gaining over 1%. Orica and Fortescue Metals are trading stronger by 1% and 1.3%, respectively. Newcrest Mining, however, is down with a modest loss.
In the energy space, Woodside Petroleum, Santos and Oil Search are up 0.5%-1%, while Origin Energy is trading modestly higher.
Qantas subsidiary Jetstar has formed an alliance with Malaysia-based low-cost carrier AirAsia. The company says the alliance could potentially generate cost savings worth hundreds of millions of dollars. The Qantas stock is currently trading 1.3% up on its previous closing price.
On the economic front, activity in Australia's services sector slowed in December, but managed to stay out of contraction. The Australian Industry Group/Commonwealth Bank of Australia Performance of Services Index declined 2.5 points in December from November. The index sits at 50.0, which delineates growth in the sector from contraction. The new orders sub-category fell 8.6 points, and supplier deliveries was down 2.7 points in December.
Australian building approvals rose 5.9% to a seasonally adjusted 13,724 units in November from an upwardly revised 12,962 units in October, the Australian Bureau of Statistics said on Wednesday. For the year through November, building approvals were up 33.3%.
In the currency market, the Australian dollar opened lower and was quoting at US$0.9115-US$0.9117, down notably from Tuesday's close of US$0.9143-US$0.9146. The Aussie is currently trading at 0.9123 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Malayasia, Japan, Singapore and South Korea are trading modestly higher, while New Zealand is trading flat. Markets across the region had closed mostly higher on Tuesday.
On Wall Street, stocks ended almost unchanged on Tuesday as a mixed batch of economic data saw a lack of direction in the equity markets. The major averages closed on opposite sides of the unchanged mark by mostly thin margins.
The Nasdaq inched up by 0.29 points to 2,308.71 and the S&P 500 edged up 3.5 points to 1,136.5, while the Dow slipped 11.9 points to 10,572.
Major European markets closed on a mixed note on Tuesday. The U.K.'s FTSE 100 gained 0.4%, while the German DAX ended 0.3% down. The French CAC 40 drifted lower by less than a tenth of a percent.
Oil prices edged closer to US$82 a barrel on Tuesday, extending a four-week rally amid falling energy supplies and cold northern hemisphere weather. Light sweet crude for February delivery ended at US$81.77 a barrel, up 26 cents on the session.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.