Australian Market Modestly Lower

(RTTNews) - The Australian stock market is modestly lower on Thursday, snapping a four-session winning streak, with the benchmark S&P/ASX 200 falling below the 7,000 mark, following the broadly negative cues from global markets overnight, with the decline led by technology, resources and energy stocks amid the drop in commodity prices.

The benchmark S&P/ASX 200 Index is losing 15.10 points or 0.22 percent to 6,984.20, after hitting a low of 6,954.50 earlier. The broader All Ordinaries Index is down 23.00 points or 0.32 percent to 7,164.40. Australian stocks ended notably higher on Wednesday.

Among major miners, BHP Group and Fortescue Metals are losing almost 2 percent each, while Rio Tinto and OZ Minerals are declining almost 1 percent each. Mineral Resources is edging down 0.2 percent.

Oil stocks are mostly lower. Beach energy is losing almost 3 percent, Woodside Energy is declining almost 2 percent and Santos is down more than 1 percent. Origin Energy is skyrocketing more than 34 percent after it backed an A$18.4 billion non-binding takeover bid from a consortium led by Canada's Brookfield Asset Management.

In the tech space, Afterpay owner Block is plunging almost 7 percent, WiseTech Global is losing almost 1 percent, Zip is declining almost 2 percent and Appen is down more than 2 percent. Xero is plummeting more than 10 percent after reporting a wider loss for the first half of fiscal 2023 and replacing its CEO.

Among the big four banks, National Australia Bank is losing almost 2 percent, while Westpac ANZ Banking are edging down 0.2 to 0.5 percent each. Commonwealth Bank is edging up 0.2 percent.

Among gold miners, Northern Star Resources and Newcrest Mining are losing more than 1 percent each, while Gold Road Resources is edging up 0.5 percent and Evolution Mining is advancing almost 2 percent. Resolute Mining is flat.

In other news, shares in Computershare are surging more than 6 percent after the IT firm boosted its earnings per share growth guidance to around 90 percent for the 2023 financial year.

In the currency market, the Aussie dollar is trading at $0.643 on Thursday.

On Wall Street, stocks moved sharply lower during trading on Wednesday, giving back ground after closing high for three straight sessions. The major averages all showed significant moves to the downside, with the Dow pulling back off its best closing level in well over two months.

The major averages finished the session just off their worst levels of the day. The Dow tumbled 646.89 points or 2.0 percent to 32,513.94, the Nasdaq plunged 263.02 points or 2.5 percent to 10,353.17 and the S&P 500 dove by 79.54 points or 2.1 percent to 3,748.57.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the German DAX Index and the French CAC 40 Index both dipped by 0.2 percent.

Crude oil prices tumbled Wednesday, weighed down by a jump in crude stockpiles, concerns about the outlook for energy demand and a stronger U.S. dollar. West Texas Intermediate Crude oil futures for December ended lower by $3.08 or 3.5 percent at $85.83 a barrel, falling for the third consecutive session.