Australian Markets Modestly Lower

(RTTNews) - The Australian stock market is modestly lower 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 8,900.00 level, with weakness in mining and technology stocks partially offset by gains in financial stocks.

The benchmark S&P/ASX 200 Index is losing 14.80 points or 0.17 percent to 8,893.30, after hitting a low of 8,861.90 earlier. The broader All Ordinaries Index is down 15.90 points or 0.18 percent to 9,009.50. 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 losing almost 1 percent and Fortescue is edging down 0.2 percent.

Oil stocks are mostly lower. Woodside Energy and Santos are edging down 0.2 percent each, while Origin Energy is edging up 0.2 percent. Beach energy is flat.

Among tech stocks, Afterpay owner Block is gaining more than 1 percent, Zip is advancing almost 4 percent and Appen is edging up 0.5 percent, while WiseTech Global is losing almost 2 percent and Xero is declining almost 3 percent.

Gold miners are mostly lower. Genesis Minerals is down almost 2 percent, Resolute Mining is down almost 1 percent, Evolution Mining is losing more than 2 percent, Northern Star Resources is declining almost 4 percent and Newmont are slipping more than 3 percent.

Among the big four banks, Commonwealth Bank and National Australia Bank are edging up 0.2 to 0.3 percent each, while ANZ Banking is gaining almost 1 percent and Westpac is adding more than 1 percent.

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 $0.703 on Monday.

On Wall Street, stocks saw even further downside over the course of the trading day on Friday after moving sharply lower early in the session. The major averages all moved notably lower, with the tech-heavy Nasdaq once again posting a particularly steep loss.

The major regained some ground going into the end of the day but remained sharply lower. The Nasdaq plunged 747.73 points or 2.9 percent to 25,437.00, the S&P 500 tumbled 140.32 points or 1.8 percent to 7,580.07 and the Dow slumped 572.25 points or 1.1 percent to 51,770.31.

Meanwhile, the major European markets ended the day mixed. While the U.K.'s FTSE 100 Index crept up by 0.1 percent, the French CAC 40 Index closed just below the unchanged line and the German DAX Index slid by 0.9 percent.

Crude oil prices spiked on Friday on increased supply disruption concerns, with media reports suggesting renewed U.S. military action against Iran this week. West Texas Intermediate crude Oil for December delivery was up $2.39 or 2.34 percent at $104.39 per barrel.