Australian Market Significantly Lower

(RTTNews) - The Australian market is trading significantly lower on Thursday, extending the losses in the previous three sessions, following the mixed cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling to near the 8,700 level, with weakness across most sectors led by gold miners and technology stocks.

The benchmark S&P/ASX 200 Index is losing 76.70 points or 0.87 percent to 8,708.40, after hitting a low of 8,700.50 earlier. The broader All Ordinaries Index is down 72.80 points or 0.81 percent to 8,906.50. Australian stocks ended significantly lower on Wednesday.

Among major miners, BHP Group and Fortescue are declining more than 1 percent each, while Rio Tinto is losing almost 4 percent and Mineral Resources is edging down 0.5 percent.

Oil stocks are mostly higher. Beach energy is edging up 0.2 percent and Santos is gaining almost 1 percent, while Woodside Energy and Origin Energy are adding more than 1 percent each.

In the tech space, Afterpay owner Block and Xero are losing more than 1 percent each, while Appen is slipping almost 2 percent, Zip is down almost 1 percent and WiseTech Global is declining more than 2 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are losing more than 1 percent each, while Westpac is down almost 1 percent.

Among gold miners, Newmont is losing more than 2 percent, Northern Star Resources is slipping more than 3 percent, Genesis Minerals is down more than 1 percent, Evolution Mining is declining almost 3 percent and Resolute Mining is sliding almost 4 percent.

In other news, shares in Fletcher Building are surging more than 5 percent after it raised FY26 profit guidance as quarterly volumes rise, flagged caution for early FY27.

In the currency market, the Aussie dollar is trading at $0.693 on Thursday.

On Wall Street, stocks regained ground over the course of the trading day on Wednesday after moving sharply lower early in the session. The major averages climbed well off their lows of the session, with the Nasdaq reaching positive territory.

The Dow slumped 576.76 points or 1.1 percent to 52,348.39, pulling back further off their record closing high set on Monday. The S&P 500 also fell 21.14 points or 0.3 percent to 7,482.71, but the Nasdaq rose 51.96 points or 0.2 percent to 25,870.65.

Meanwhile, the major European markets moved to the downside on the day. While the U.K.'s FSE 100 Index slumped by 1.7 percent, the French CAC 40 Index and the German DAX Index both plunged by 2.2 percent.

Crude oil prices skyrocketed on Wednesday amid renewed Middle East tensions after the U.S. and Iran exchanged fresh strikes. West Texas Intermediate crude for August delivery was up $3.16 or 4.49 percent at $73.60 per barrel.