On Thursday, the Australian market continued its downward trend for the eighth consecutive session, influenced by broadly negative signals from global markets overnight. The benchmark S&P/ASX 200 Index is nearing the 7,600 level, showing widespread declines mostly affecting mining, energy, and technology sectors.
The S&P/ASX 200 Index is down 46.10 points, or 0.60%, at 7,619.50, with an earlier low of 7,601.50. The broader All Ordinaries Index is also down, shedding 49.00 points, or 0.62%, to settle at 7,886.70. Australian stocks had already seen a sharp decline on Wednesday.
Major mining companies are struggling; Rio Tinto has fallen nearly 1%, Fortescue Metals is down by almost 2%, and both BHP Group and Mineral Resources have declined by over 1%.
The energy sector is similarly underperforming. Woodside Energy, Beach Energy, and Santos are each down by more than 1%, while Origin Energy has slipped almost 1%.
In technology, Block, the owner of Afterpay, has dropped 0.2%, Appen is down nearly 2%, and both WiseTech Global and Zip have seen declines exceeding 1%. On a positive note, Xero has gained more than 1%.
Among the big four banks, Commonwealth Bank and ANZ Banking are both edging down by around 0.1% to 0.2%, while Westpac is up slightly by 0.3%. National Australia Bank remains flat.
Gold miners are also under pressure: Evolution Mining, Northern Star Resources, and Newmont are each down by over 1%, while Gold Road Resources and Resolute Mining have both fallen nearly 2%.
In other developments, Catapult Sports shares are up 11% following a report of a narrower net loss and an 18.5% increase in sales over the 12 months ending March 31.
On the currency front, the Australian dollar is trading at $0.661.
Globally, Wall Street experienced a notable downturn on Wednesday, following a mixed performance on Tuesday. The Dow Jones Industrial Average fell sharply, marking its lowest close in nearly a month. The Dow dropped 411.32 points, or 1.1%, to 38,441.54; the S&P 500 slid 39.09 points, or 0.7%, to 5,266.95; and the Nasdaq fell 99.30 points, or 0.6%, to 16,920.58.
European markets followed a similar downward trajectory: the French CAC 40 Index dropped by 1.5%, the German DAX Index fell by 1.1%, and the U.K.'s FTSE 100 Index slid by 0.9%.
Crude oil prices declined on Wednesday due to concerns over potential interest rate hikes and their negative impact on energy demand. West Texas Intermediate Crude oil futures for July fell by $0.60, closing at $79.23 per barrel.
