The Australian stock market is trading lower on Thursday with investors tracking cues from Wall Street and indulging in some selling in a few front line stocks from financial, energy and consumer discretionary sectors.
The benchmark S&P/ASX 200 index is down 23.9 points or 0.5% at 4,506. The broader All Ordinaries index is currently trading at 4,520, down 22.1 points or 0.5% from its previous close.
On Wednesday, the S&P/ASX 200 index ended up 32.5 points or 0.7% at 4,529.9, while the All Ordinaries index moved up 28.2 points or 0.6% to 4,542.1.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac are down 0.6%-12%. Bank of Queensland is down with a loss of 1.2% and Bendigo & Adelaide Bank is trading modestly higher.
Among mining stocks, BHP Billiton and Rio Tinto are trading modestly higher, while Newcrest Mining is in negative territory.
In the energy space, Woodside Petroleum, Santos and Oil Search are down 0.7%-1.3%, while Origin Energy is down with a marginal loss.
Leighton Holdings Ltd has won a five-year contract to provide construction and maintenance services to Queensland's electricity provider, Ergon Energy. Under the agreement, valued at A$100 million, Leighton subsidiary Thiess will provide network construction and maintenance services to Queensland's growing central and northern regions. The Leighton Holdings stock is trading 1.2% up.
Media stock Austar is down by over 2% on weak results. The company said its first-half profit dropped 42% to A$20.69 million from A$35.5 million in the corresponding period last year.
In the currency market, the Australian dollar opened lower as concerns about the recovery in the U.S. economy weighed on financial markets. In early trades, the Aussie was quoting at US$0.8928-US$0.8935, down 0.2% from Wednesday's close of US$0.8947-US$0.8951. The Australian dollar is currently trading at 0.8926 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Japan is trading notably lower. New Zealand and Taiwan are down marginally and Singapore is up with modest gains. Shanghai, Malaysia and South Korea are trading flat. Markets across the region ended mostly higher on Wednesday.
On Wall Street, stocks posted notable losses on Wednesday, as the Federal Reserve's Beige Book showed some signs of a stalling economic recovery and the Commerce Department reported an unexpected drop in durable goods orders.
The major averages moved well off their worst levels of the day going into the close but remained stuck in the red. The Dow ended lower by 39.8 points or 0.4% at 10,497.9, the Nasdaq declined by 23.7 points or 1% to 2,264.6 and the S&P 500 slid by 7.7 points or 0.7% to 1,106.1.
Major European markets ended largely on the downside on Wednesday. The U.K.'s FTSE 100 index and the German DAX index lost 0.9% and 0.5% respectively, while the French CAC 40 index edged up by 0.1%.
Crude oil prices declined for a second day, weighed down by an unexpected increase in U.S. crude inventories and a drop in orders for durable goods. Light, sweet crude for September delivery settled lower by US$0.51 at US$76.99 a barrel on the New York Mercantile Exchange.
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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.