Australian Market Extends Early Losses In Mid-market

(RTTNews) - The Australian stock market is extending its early losses in mid-market trading on Monday, reversing some of the gains in the previous two sessions, following the broadly negative cues from Wall Street on Friday. The benchmark S&P/ASX 200 index is falling below the 8,850.00 level, with weakness in gold mining and financial stocks partially offset by gains in energy stocks.

The benchmark S&P/ASX 200 Index is losing 58.80 points or 0.66 percent to 8,849.30, after hitting a low of 8,846.20 earlier. The broader All Ordinaries Index is down 57.40 points or 0.64 percent to 8,968.00. Australian stocks closed modestly higher on Friday.

Among the major miners, BHP Group and Rio Tinto are losing more than 1 percent each, while Mineral Resources is gaining almost 1 percent and Fortescue is edging up 0.3 percent.

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

Among tech stocks, Afterpay owner Block is gaining almost 1 percent, Zip is up almost 1 percent and Appen is surging more than 8 percent, while WiseTech Global is losing more than 2 percent and Xero is declining almost 3 percent.

Gold miners are mostly lower. Genesis Minerals is down almost 4 percent, Evolution Mining is losing more than 1 percent and Northern Star Resources is declining almost 4 percent, while Resolute Mining and Newmont are slipping almost 3 percent each.

Among the big four banks, Commonwealth Bank and National Australia Bank are losing almost 1 percent each, while ANZ Banking and Westpac are edging down 0.2 to 0.3 percent each.

In other news, shares in KMD Brands are surging more than 8 percent after the Kathmandu owner confirmed an exclusivity agreement with US-based brand management and investment firm Bluestar Alliance regarding a potential buyout transaction.

In economic news, the manufacturing sector in Australia continued to contract in October, and at a steady pace, the latest survey from S&P Global revealed on Monday with a Performance of Manufacturing Index score of 49.6. That was unchanged from the September reading, and it remained beneath the boom-or-bust line of 50 that separates expansion from contraction.

Australia's Melbourne Institute Monthly Inflation Gauge rose 0.5 percent on month in October 2026, up from a 0.3 percent increase in the previous month and marking a fourth straight monthly gain. Annual headline inflation accelerated to a six-month high of 4.3 percent in September, remaining well above the RBA's 2 to 3 percent target range.

Meanwhile, the total number of building permits issued in Australia was up a seasonally adjusted 5.1 percent on month in September, the Australian Bureau of Statistics said on Monday - coming in at 17,948. That beat forecasts for an increase of 1.8 percent following the upwardly revised 5.2 percent contraction in August (originally -6.1 percent). Total building approvals were down 0.8 percent on year.

In the currency market, the Aussie dollar is trading at $0.702 on Monday.