Australian Market Significantly Lower

(RTTNews) - The Australian stock market is significantly lower on Monday, extending the losses in the previous two sessions, with the benchmark S&P/ASX 200 falling well below the 6,900 level to 12-month lows, following the broadly negative cues from global markets on Friday, with declines in mining and energy stocks amid weaker commodity prices, partially offset by some gains in technology stocks.

The benchmark S&P/ASX 200 Index is losing 56.10 points or 0.81 percent to 6,844.60, after hitting a low of 6,835.00 earlier. The broader All Ordinaries Index is down 57.80 points or 0.82 percent to 7,031.90. Australian stocks closed sharply lower on Friday.

Among the major miners, Rio Tinto is losing almost 2 percent, Fortescue Metals is down more than 1 percent, BHP Group is declining more than 2 percent and Mineral Resources is slipping almost 4 percent.

Oil stocks are mostly lower. Woodside Energy is losing more than 2 percent, Santos is down more than 1 percent, Origin Energy is edging down 0.2 percent and Beach energy is declining 2.5 percent.

Among tech stocks, Afterpay owner Block is gaining almost 1 percent, Appen is adding more than 2 percent and Zip is advancing 2.5 percent, while Xero is losing more than 1 percent and WiseTech Global is edging down 0.2 percent.

Gold miners are mixed. Gold Road Resources and Northern Star Resources are edging up 0.3 to 0.5 percent each, while Resolute Mining is gaining almost 1 percent. Evolution Mining is edging down 0.4 percent and Newcrest Mining is losing more than 2 percent.

Among the big four banks, Commonwealth Bank is losing almost 1 percent, while ANZ Banking, Westpac and National Australia Bank are edging down 0.1 to 0.4 percent each.

In the currency market, the Aussie dollar is trading at $0.631 on Monday.

On Wall Street, stocks moved sharply lower over the course of the trading day on Friday, extending the downward move seen over the two previous sessions. With the extended decline, the Nasdaq and the S&P 500 fell to their lowest closing levels in well over four months.

The major averages saw further downside going into the close, ending the session near their worst levels of the day. The Nasdaq plunged 202.37 points or 1.5 percent to 12,983.81, the S&P 500 tumbled 53.84 points or 1.3 percent to 4,224.16 and the Dow slid 286.89 points or 0.9 percent to 33,127.28.

The major European markets also moved to the downside on the day. While the German DAX Index plunged by 1.6 percent, the French CAC 40 Index tumbled by 1.5 percent and the U.K.'s FTSE 100 Index slumped by 1.3 percent.

Crude oil prices couldn't hold on to early gains, slumping on demand concerns amid fears the Israel-Hamas war may escalate into a broader regional crisis. West Texas Intermediate for November delivery, which expired Friday, fell $0.62 or 0.7 percent at $88.75 a barrel. The more active December futures slipped $0.29 or 0.3 percent to $88.08 a barrel.