Australian Market Modestly Lower

(RTTNews) - The Australian stock market is modestly lower on Thursday, giving up some of the gains in the previous two sessions, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 is staying above the 7,500 level, with losses across most sectors, led by mining and energy stocks. The benchmark S&P/ASX 200 Index is losing 22.30 points or 0.30 percent to 7,515.60, after hitting a low of 7,486.90 earlier. The broader All Ordinaries Index is down 25.90 points or 0.33 percent to 7,738.10. Australian stocks ended significantly higher on Wednesday.

Among major miners, BHP Group, Fortescue Metals and Mineral Resources are edging down 0.2 to 0.4 percent each, while Rio Tinto is flat.

Oil stocks are mostly lower. Woodside Energy is losing almost 1 percent, Beach energy is declining more than 2 percent and Origin Energy is edging down 0.2 percent, while Santos is edging up 0.2 percent.

In the tech space, Afterpay owner Block and Zip are losing more than 1 percent each, while WiseTech Global is edging down 0.2 percent, Appen is plunging almost 8 percent and Xero is declining almost 1 percent.

Among the big four banks, Commonwealth Bank, Westpac, National Australia Bank and ANZ Banking are edging down 0.1 to 0.5 percent each.

Among gold miners, Resolute Mining is declining almost 3 percent, Northern Star Resources is edging down 0.2 percent. Gold Road Resources is losing more than 1 percent and Newmont is slipping almost 2 percent, while Evolution Mining is gaining more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.674 on Thursday.

On Wall Street, stocks recovered from initial weakness and moved mostly higher over the course of morning trading on Wednesday but came under significant pressure in the latter part of the session. The major averages moved sharply lower in late-day trading, partly offsetting recent strength.

The major averages saw further downside going into the close, ending the session at their worst levels of the day. The Dow slumped 475.92 points or 1.3 percent to 37,082.00, the Nasdaq dove 225.28 points or 1.5 percent to 14,777.93 and the S&P 500 tumbled 70.02 points or 1.5 percent to 4,698.35.

Meanwhile, the major European markets turned in a mixed performance. While the German DAX Index edged down by 0.1, the French CAC 40 Index crept up by 0.1 percent and the U.K.'s FTSE 100 Index jumped by 1.0 percent.

Crude oil prices climbed higher Wednesday on concerns about trade disruptions in the Middle East after attacks on vessels in the Red Sea. West Texas Intermediate Crude oil futures for January ended higher by $0.28 or 0.4 percent at $74.22 a barrel.