Australian Market Notably Lower

(RTTNews) - The Australian market is notably lower on Thursday, extending the losses in the previous seven sessions, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is falling to near the 7,600 level, with weakness across most sectors led by mining, energy and technology stocks.

The benchmark S&P/ASX 200 Index is losing 46.10 points or 0.60 percent to 7,619.50, after hitting a low of 7,601.50 earlier. The broader All Ordinaries Index is down 49.00 points or 0.62 percent to 7,886.70. Australian stocks ended sharply lower on Wednesday.

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

Oil stocks are mostly lower. Woodside Energy, Beach energy and Santos are losing more than 1 percent each, while Origin Energy is declining almost 1 percent.

In the tech space, Afterpay owner Block is edging down 0.2 percent and Appen is declining almost 2 percent, while WiseTech Global and Zip are losing more than 1 percent each. Xero is gaining more than 1 percent.

Among the big four banks, Commonwealth Bank and ANZ Banking are edging down 0.1 to 0.2 percent each, while Westpac is edging up 0.3 percent. National Australia Bank is flat.

Among gold miners, Evolution Mining, Northern Star Resources and Newmont are losing more than 1 percent each, while Gold Road Resources and Resolute Mining are declining almost 2 percent each.

In other news, shares in Catapult Sports are soaring 11 percent after the wearable sports hardware business reported narrower net loss on 18.5 percent sales growth for the 12 months ending March 31.

In the currency market, the Aussie dollar is trading at $0.661 on Thursday.

On Wall Street, stock indexes all moved to the downside during trading on Wednesday following the mixed performance seen during Tuesday's session. The Dow showed a notable decline, falling to its lowest closing level in almost a month.

The major averages all finished the day firmly in negative territory. The Dow slumped 411.32 points or 1.1 percent to 38,441.54, the S&P 500 slid 39.09 points or 0.7 percent to 5,266.95 and the Nasdaq fell 99.30 points or 0.6 percent to 16,920.58.

The major European markets have also moved to the downside on the day. While the French CAC 40 Index tumbled by 1.5 percent, the German DAX Index slumped by 1.1 percent and the U.K.'s FTSE 100 Index slid by 0.9 percent.

Crude oil prices fell on Wednesday on concerns about the outlook for interest rates, and the likely adverse impact high borrowing costs will have on energy demand. West Texas Intermediate Crude oil futures for July sank $0.60 at $79.23 a barrel.