Australian Market Notably Lower

(RTTNews) - The Australian stock market is notably lower on Tuesday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 falling below the 7,300 level, following the broadly negative cues from European markets overnight, with losses across most sectors, led by mining and technology stocks. Traders reacted to domestic data showing business activity contracted again in August at the steepest fall in eight months.

They also cautiously await the Reserve Bank of Australia's monetary policy later in the day, when the central bank is widely expected to keep rates on hold for a third straight month as inflation eases.

The benchmark S&P/ASX 200 Index is losing 35.50 points or 0.49 percent to 7,283.30, after hitting a low of 7,270.60 earlier. The broader All Ordinaries Index is down 40.00 points or 0.53 percent to 7,485.70. Australian stocks closed notably higher on Monday.

Among the major miners, BHP Group is losing almost 1 percent, Rio Tinto is declining more than 1 percent, Fortescue Metals is sliding almost 2 percent and Mineral Resources is slipping more than 2 percent. Oil stocks are mostly lower. Santos and Woodside Energy are losing almost 1 percent each, while Beach energy is gaining almost 1 percent. Origin Energy is flat. Among tech stocks, Afterpay owner Block and WiseTech Global are losing almost 1 percent each, while Appen and Xero are declining more than 1 percent each. Zip is gaining almost 2 percent. Gold miners are mostly lower. Northern Star resources is losing almost 2 percent, Evolution Mining is declining almost 3 percent, Gold Road Resources is slipping more than 2 percent, Newcrest Mining is edging down 0.5 percent and Resolute Mining is sliding 5.5 percent.

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

In other news, shares in Tietto Minerals plunged almost 26 percent after the gold miner slashed its gold production guidance for the second half of 2023 from its newly opened West African mine.

In the currency market, the Aussie dollar is trading at $0.645 on Tuesday.

The Wall Street was closed on account of Labor Day holiday on Monday. The shares closed mixed on Friday.

The major European markets moved to the downside on the day. The U.K.'s FTSE 100 ended down 0.16 percent, Germany's DAX slipped 0.1 percent and France's CAC 40 lost 0.24 percent.

Crude oil prices were subdued on Monday after ending last week at their highest in more than half a year on ongoing concerns about tight supplies. West Texas Intermediate Crude oil futures for October ended little changed at 85.48 a barrel.