Australian Market Significantly Lower

(RTTNews) - The Australian stock market is currently trading significantly lower on Monday, adding to the losses in the previous two sessions, following the broadly negative cues from global markets on Friday. The benchmark S&P/ASX 200 index is falling to stay a tad above the 7,900.00 level, with weakness across most sectors led by mining and energy stocks amid tumbling commodity prices.

The benchmark S&P/ASX 200 Index is losing 58.90 points or 0.74 percent to 7,912.70, after hitting a low of 7,906.60 earlier. The broader All Ordinaries Index is down 59.60 points or 0.73 percent to 8,149.60. Australian stocks closed significantly lower on Friday.

Among the major miners, Rio Tinto, Fortescue Metals and BHP Group are edging down 0.4 to 0.5 percent each, while Mineral Resources is losing almost 1 percent. Oil stocks are weak. Woodside Energy is losing more than 2 percent, Origin Energy is declining almost 1 percent and Santos is down more than 1 percent, while Beach energy is edging up 0.3 percent.

Among tech stocks, Afterpay owner Block, Xero and WiseTech Global are edging down 0.2 to 0.4 percent each, while Zip is losing almost 2 percent. Appen is gaining more than 1 percent.

Gold miners are mostly lower. Northern Star Resources, Gold Road Resources and Evolution Mining are losing almost 1 percent each, while Resolute Mining is declining almost 2 percent. Newmont is flat.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are losing more than 1 percent each, while Westpac is declining almost 1 percent.

In other news, shares in South32 are tumbling 11 percent after the miner lowered its production guidance for alumina, Sierra Gorda payable copper equivalent and Cannington payable zinc equivalent in FY25.

In the currency market, the Aussie dollar is trading at $0.669 on Monday.

On Wall Street, stock moved mostly lower during trading on Friday, with the Nasdaq and the S&P 500 extending the steep drop seen over the two previous sessions. The narrower Dow also moved to the downside, pulling back further off the record closing high set on Wednesday.

The major averages all finished the day firmly in negative territory. The Dow slumped 377.49 points or 0.9 percent to 40,287.53, the Nasdaq slid 144.28 points or 0.8 percent to 17,726.94 and the S&P 500 fell 39.59 points or 0.7 percent to 5,505.00.

The major European markets also moved to the downside on the day. While the German DAX Index slumped by 1.0 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index slid by 0.7 percent and 0.6 percent, respectively.

Crude oil prices fell to a four-week low on Friday amid concerns about the outlook for demand from China and on renewed hopes of a ceasefire in Gaza, while a firm dollar also weighed on oil prices. West Texas Intermediate Crude oil futures for August sank $2.69 or 3.25 percent at $80.13 a barrel, the lowest settlement since June 17.