Australian Stocks Trade Notable Lower
Australian shares dipped 70 points, or 0.8%, to 8,714 in Wednesday morning trade, extending weakness from the prior session. Sentiment weakened after Wall Street closed mostly lower overnight, with earnings from major banks and pressure on memory chip stocks weighing, alongside softer oil prices and persistent Middle East tensions. Locally, caution grew ahead of September labor market data, while minutes from the RBA’s September meeting signaled further hikes remained possible as flagged upside risks materialised. In main trading partner China, CPI/PPI and trade data are due later today. Financials, healthcare, consumer stocks, and services dragged, partly offset by gains in tech and energy minerals. Rio Tinto slipped 0.4% after steady copper output in Q3, with strong Oyu Tolgoi performance offsetting declines elsewhere. The four big banks fell sharply, down 1.4%—2.4%. Other notable laggards included Pro Medicus (-3.4%), Genesis Minerals (-2.5%), and Aristocrat Leisure (-1.9%).
8%, to 8,714 in Wednesday morning trade, extending weakness from the prior session. Sentiment weakened after Wall Street closed mostly lower overnight, with earnings from major banks and pressure on memory chip stocks weighing, alongside softer oil prices and persistent Middle East tensions. Locally, caution grew ahead of September labor market data, while minutes from the RBA’s September meeting signaled further hikes remained possible as flagged upside risks materialised. In main trading partner China, CPI/PPI and trade data are due later today.
Financials, healthcare, consumer stocks, and services dragged, partly offset by gains in tech and energy minerals. 4% after steady copper output in Q3, with strong Oyu Tolgoi performance offsetting declines elsewhere. 4%. 9%).