Australian Market Notably Lower

(RTTNews) - Giving up some of the gains in the previous two sessions, the Australian stock market is notably lower on Friday, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is staying below the 7,900 level, with losses across most sectors led by gold miners and technology stocks. Iron ore miners are up amid firmer iron ore prices.

The benchmark S&P/ASX 200 Index is losing 28.20 points or 0.36 percent to 7,853.10, after hitting a low of 7,837.80 earlier. The broader All Ordinaries Index is down 28.90 points or 0.36 percent to 8,121.20. Australian markets ended sharply higher on Thursday.

Among major miners, BHP Group and Rio Tinto are gaining more than 1 percent each, while Fortescue Metals is edging up 0.5 percent and Mineral Resources is adding almost 1 percent. Oil stocks are mostly lower. Beach energy is losing almost 1 percent, while Santos, Woodside Energy and Origin Energy are edging down 0.1 to 0.4 percent each.

Among tech stocks, Afterpay owner Block and WiseTech Global are losing almost 1 percent each, while Xero and Appen are declining 1.5 percent each.

Among the big four banks, Commonwealth Bank, ANZ Banking, Westpac and National Australia Bank are losing almost 1 percent each. Gold miners are mostly lower. Evolution Mining, Gold Road Resources and Northern Star Resources are losing almost 1 percent each, while Newmont is declining more than 1 percent and Resolute Mining is slipping almost 2 percent.

In the currency market, the Aussie dollar is trading at $0.667 on Friday.

On Wall Street, stocks moved to the upside early in the session on Thursday but fluctuated over the course of the trading day before eventually closing modestly lower. The major averages partly offset the strong upward move seen over the two previous sessions.

While the Dow climbed above 40,000 for the first time in morning trading, the blue chip index ended the day down 38.62 points or 0.1 percent to 39,869.38. The S&P 500 dipped 11.05 points or 0.2 percent to 5,297.10 and the Nasdaq fell 44.07 points or 0.3 percent to 16,698.32.

The major European markets all also moved to the downside on the day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index and the German DAX Index slid by 0.6 percent and 0.7 percent, respectively.

Crude oil prices advanced on Thursday, continuing to benefit from recent data showing a larger than expected decline in crude inventories in the U.S. last week. Hopes of an interest rate cut in September contributed as well to the rise in oil prices. West Texas Intermediate crude oil futures for June ended higher by $0.60 at $79.23 a barrel.