FX.co ★ Australian Stocks Hit 1-Month Low

The S&P/ASX 200 index experienced a decline of over 1.5% on Friday morning, reaching approximately 8,750, marking a four-week low. This downturn was driven by broad-based selling in resource-related stocks and a technology slump, influenced by Wall Street's overnight performance. Technology stocks were particularly hard-hit, plummeting more than 4% to their lowest point in over two years. Leading companies in this sector, such as Wisetech Global, Xero, and Technology One, recorded losses ranging from 3% to 6%, in line with the downturn faced by US tech giants due to disappointing earnings and concerns surrounding AI trade. The gold mining sector also suffered a 3.7% decrease, attributed to weak bullion prices, which contributed to a 2.9% dip in the broader mining sub-index. Notably, major mining firms BHP Group and Rio Tinto saw declines of 3.7% and 0.4%, respectively, as both base and precious metal prices continued to fall. Of particular note, Rio Tinto concluded takeover discussions with Glencore after they were unable to reach an agreement deemed beneficial for their shareholders. On a weekly basis, the benchmark index is on track for its most significant decline since mid-November of the previous year.