Extending the losses in the previous session, the Australian stock market is trading notably lower on Tuesday, despite the broadly positive cues from global markets overnight. The benchmark S&P/ASX 200 is falling to remain above the 8,100 level, with weakness in gold miners and financial stocks as traders remain cautious ahead of the Reserve Bank of Australia’s monetary policy decision later in the day.
The benchmark S&P/ASX 200 Index is losing 30.50 points or 0.37 percent to 8,122.40, after hitting a low of 8,118.30 earlier. The broader All Ordinaries Index is down 23.60 points or 0.28 percent to 8,360.60. Australian stocks closed significantly lower on Monday.
Among the major miners, BHP Group is edging up 0.5 percent, Rio Tinto is gaining almost 1 percent and Mineral Resources is adding more than 1 percent. Fortescue Metals is flat.
Oil stocks are mostly higher. Santos and Beach energy are edging up 0.2 to 0.5 percent each, while Woodside Energy is gaining almost 1 percent. Origin Energy is edging down 0.2 percent.
Among tech stocks, Appen is losing almost 1 percent, while Zip, Xero and WiseTech Global are edging down 0.2 to 0.4 percent each. Afterpay owner Block is edging up 0.5 percent.
Gold miners are mostly lower. Northern Star resources and Evolution Mining are edging down 0.1 percent each, while Resolute Mining is losing almost 1 percent. Newmont is edging up 0.1 percent. Gold Road Resources is flat.
Among the big four banks, ANZ Banking, Westpac and National Australia Bank are edging up 0.1 percent each. Commonwealth Bank is flat.
In the currency market, the Aussie dollar is trading at $0.684 on Tuesday.
On Wall Street, stocks closed higher on Monday and the Dow and S&P 500 posted record highs, although the gains were just marginal, as investors largely made cautious moves ahead of some crucial economic data and Fed speeches.
The Dow ended up by 61.29 points or 0.15 percent at 42,124.65. The S&P 500 closed up 16.02 points or 0.28 percent at 5,718.57, while the Nasdaq settled with a gain of 25.95 points or 0.14 percent at 17,974.27.
Meanwhile, the major European markets have turned mixed on the day. While the French CAC 40 Index is down by 0.1 percent, the U.K.’s FTSE 100 Index is up by 0.3 percent and the German DAX Index is up by 0.5 percent.
Crude oil prices were unable to hold early gains, slumping midday on demand concerns. West Texas Intermediate crude for October delivery fell $0.47 or 0.66 percent to $70.53 per barrel.
Market Analysis
Australian Market Notably Lower
2024-09-24 02:38:19
