Australian Market Modestly Lower

The Australian market is modestly lower on Thursday, extending the losses in the previous session, following the broadly negative cues from global markets overnight. The benchmark S&P/ASX 200 is falling below the 7,500 level, with weakness in miners, financial and technology stocks partially offset by gains in energy stocks amid spiking crude oil prices.

The benchmark S&P/ASX 200 Index is losing 27.00 points or 0.36 percent to 7,496.20, after hitting a low of 7,481.10 earlier. The broader All Ordinaries Index is down 26.10 points or 0.34 percent to 7,731.20. Australian stocks ended sharply lower on Wednesday.

Among major miners, BHP Group, Fortescue Metals and Rio Tinto are edging up 0.2 to 0.4 percent each, while Mineral Resources is edging down 0.4 percent.

Oil stocks are mostly higher. Woodside Energy and Santos are gaining more than 1 percent each, while Beach energy is adding almost 2 percent. Origin Energy is flat.

In the tech space, WiseTech Global is edging down 0.4 percent, Afterpay owner Block is losing almost 4 percent, Xero is down almost 1 percent and Zip is declining almost 2 percent, while Appen is gaining almost 1 percent.

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

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

In the currency market, the Aussie dollar is trading at $0.673 on Thursday.

On Wall Street, stocks saw further downside over the course of the trading session on Wednesday after kicking off the new year on a downbeat note. The major averages all fell on the day, with the tech-heavy Nasdaq closing lower for the fourth consecutive session.

The major averages dropped to new lows for the session going into the close of trading. The Nasdaq…