Australian Market Sharply Lower

RTTNews | 630 days ago
Australian Market Sharply Lower

(RTTNews) - The Australian market is sharply lower on Thursday, giving up the gains in the previous two sessions, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is falling a tad below the 7,000 mark, with weakness across most sectors led by iron ore miners and energy stocks.

The benchmark S&P/ASX 200 Index is losing 86.50 points or 1.22 percent to 6,991.10, after hitting a low of 6,969.20 earlier. The broader All Ordinaries Index is down 86.70 points or 1.19 percent to 7,179.00. Australian stocks ended modestly higher on Wednesday.

Among major miners, BHP Group and Rio Tinto are losing almost 2 percent each, while Fortescue Metals is down almost 1 percent and Mineral Resources is slipping more than 5 percent.

Oil stocks are mostly lower. Santos is edging down 0.1 percent, while Beach energy and Woodside Energy are losing almost 1 percent each. Origin Energy is edging up 0.3 percent.

In the tech space, WiseTech Global is losing almost 1 percent, Xero is down more than 1 percent and Afterpay owner Block is declining more than 2 percent, while Zip is gaining more than 1 percent and Appen is edging up 0.5 percent.

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

Among gold miners, Northern Star Resources is advancing almost 4 percent, Evolution Mining is edging up 0.3 percent and Gold Road Resources is adding almost 1 percent, while Newcrest Mining is edging down 0.2 percent. Resolute Mining is flat.

In economic news, the jobless rate in Australia came in at a seasonally adjusted 3.6 percent in September, the Australian Bureau of Statistics said on Thursday. That beat forecasts for 3.7 percent, which would have been unchanged from the August reading.

The Australian economy added 6,700 jobs last month, shy of expectations for an increase of 18,000 following the addition of 64,900 jobs in the previous month. The participation rate was 66.7 percent, below forecasts for 67.0 percent, which would have been unchanged.

In the currency market, the Aussie dollar is trading at $0.632 on Thursday.

On Wall Street, stocks turned in a weak performance on Wednesday, drifting lower and lower as the session progressed amid rising tensions in the Middle East, and higher bond yields on concerns about the outlook for interest rates. According to reports, a deadly missile attack on Al-Ahli Baptist Hospital in Gaza killed several hundred people including women and children.

The major averages all ended notably lower, with the Nasdaq suffering a more pronounced loss. The Dow ended down 332.57 points or 0.98 percent at 33,665.08. The S&P 500 finished lower by 58.60 points or 1.34 percent at 4,314.60, while the Nasdaq dropped 219.44 points or 1.62 percent to 13,314.30.

The major European markets also moved to the downside on the day. The U.K.'s FTSE 100 ended down 1.14 percent, Germany's DAX drifted down 1.03 percent, and France's CAC 40 lost 0.91 percent.

Crude oil prices rose sharply Wednesday on rising concerns over supplies as geopolitical concerns escalated after the large explosion at the Gaza hospital. West Texas Intermediate Crude oil futures for November jumped $1.66 or 1.9 percent at $88.32 a barrel.

read more
Tech Shares May Boost Taiwan Stock Market

Tech Shares May Boost Taiwan Stock Market

The Taiwan stock market on Wednesday wrote a finish to the three-day losing streak in which it had stumbled almost 370 points or 1.6 percent. The Taiwan Stock Exchange now sits just beneath the 22,530-point plateau and it's tipped to open in the green again on Thursday.
RTTNews | 25 minutes ago
Continued Strength Predicted For Singapore Stock Market

Continued Strength Predicted For Singapore Stock Market

The Singapore stock market has moved higher in three straight sessions, improving almost 45 points or 1.1 percent along the way. The Straits Times Index now rests just beneath the 4,060-point plateau and it's expected to open to the upside again on Thursday.
RTTNews | 55 minutes ago
Malaysia Stock Market May Snap Losing Streak

Malaysia Stock Market May Snap Losing Streak

The Malaysia stock market has moved lower in three straight sessions, slipping more than 20 points or 1.3 percent along the way. The Kuala Lumpur Composite Index now sits just beneath the 1,530-point plateau although it may stop the bleeding on Thursday.
RTTNews | 1h 25min ago
Japan Bourse May Break Through 40,000-Point Barrier

Japan Bourse May Break Through 40,000-Point Barrier

The Japanese stock market has moved higher in back-to-back sessions, collecting more than 230 points or 0.6 percent in that span. The Nikkei 225 now sits just above the 39,820-point plateau and it's tipped to open in the green again on Thursday.
RTTNews | 1h 40min ago
Win Streak May Continue For South Korea Shares

Win Streak May Continue For South Korea Shares

The South Korea stock market has finished higher in three straight sessions, collecting more than 80 points or 2.5 percent along the way. The KOSPI now sits just beneath the 3,135-point plateau and it may extend its gains again on Thursday.
RTTNews | 1h 55min ago
Korea Rate Decision On Tap For Thursday

Korea Rate Decision On Tap For Thursday

The Bank of Korea will wrap up its monetary policy meeting on Thursday and then announce its decision on interest rates, highlighting a lit day for Asia-Pacific economic activity. The BoK is expected to keep its benchmark lending rate steady at 2.50 percent.
RTTNews | 2h 55min ago