The Australian stock market is trading notably lower on Wednesday with investors tracking cues from Wall Street and pressing sales in several front line stocks. Financial, mining and consumer discretionary stocks are among the prominent losers.
The benchmark S&P/ASX 200 index is down 27.2 points or 0.6% at 4,546. The broader All Ordinaries index is trading at 4,587, down 26 points or 0.6% from its previous close.
On Tuesday, the S&P/ASX 200 index ended down 2.3 points or 0.01% at 4,573.2, while the All Ordinaries index closed lower by 2.7 points or 0.1% at 4,613.
Among bank stocks, ANZ Bank, Commonwealth Bank of Australia and National Australia Bank are down 0.9%-1%, while Westpac is down 1.4% from its previous closing price. Bendigo & Adelaide Bank is down 1.2% and Bank of Queensland is trading marginally down, while Macquarie Group is trading lower by about 1%.
Among mining stocks, BHP Billiton is down 1.2%, Rio Tinto is down with a loss of 1.4% and Fortescue Metals is trading 1% down, while Newcrest Mining is bucking the trend and trading higher by over 2%. Bluescope Steel, Incitec Pivot and Orica are trading weak.
In the energy space, Oil Search is up 0.3% and Origin Energy is losing about 0.3%, while Santos and Woodside Petroleum are trading flat.
On Tuesday, the Reserve Bank of Australia decided to leave the cash rate unchanged at 4.5%, in line with expectations. The central bank broadly retained its economic assessment, saying the Australian economy had been growing at around trend pace, boosted by commodity exports and strong investment. With regards to inflation, the bank said the headline CPI will likely remain just above the 3% target ceiling through mid-2011 due to the impact of tobacco tax changes.
In the currency market, the Australian dollar opened lower with traders moving away from risk assets. In early trades, the Aussie was quoting at US$0.9107-US$0.9111, notably down from Tuesday's close of US$0.9142-US$0.9145. The Australian dollar is currently trading at 0.9113 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Malaysia, Singapore, New Zealand and South Korea are trading weak, while Taiwan is trading marginally higher. Markets across the region turned in a mixed performance on Tuesday.
On Wall Street, stocks fell by sharp margins to open the Labor Day-shortened week on Tuesday, as profit taking following last week's gains drove the major averages down off of their best closing levels in three weeks.
The major averages saw some late-day volatility, ending near their session lows. The Dow ended down 107.2 points or 1% at 10,340.7, the Nasdaq declined by 24.9 points or 1.1% to 2,208.9 and the S&P 500 drifted down by 12.7 points or 1.1% to 1,091.8.
Major European markets ended lower on Tuesday. The French CAC 40 index slid by 1.1%, while the German DAX index and the U.K.'s FTSE 100 index both lost 0.6%..
Crude oil prices declined on Tuesday amid a recovery in the dollar, but trimmed losses after reports of an explosion at a major refinery operated by Mexican oil giant Pemex sparked expectations of improved import demand for oil products from the nation.
Light, sweet crude for October delivery settled down US$0.51 at US$74.09 a barrel on the New York Mercantile Exchange, after trading as low as US$72.63.
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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.