Significant Drop Observed in Australian Market
The major European markets experienced a downturn on Wednesday, with the German DAX Index plunging by 2.3 percent, the U.K.'s FTSE 100 Index slumping by 0.9 percent, and the French CAC 40 Index sliding by 0.7 percent.
In Australia, the S&P/ASX 200 Index is currently losing 43.60 points or 0.49 percent, trading at 8,857.00. The broader All Ordinaries Index is down 43.20 points or 0.47 percent, trading at 9,124.80. Among the big four banks, ANZ Banking and National Australia Bank are losing almost 1 percent each. Westpac and Commonwealth Bank are declining more than 1 percent each.
Stocks on Wall Street regained some ground but remained negative after initially showing a significant move to the downside. The Dow fell 249.07 points or 0.6 percent to 42,295.81, while the S&P 500 slid 44.72 points or 0.7 percent to 6,415.54. The Nasdaq slumped 175.92 points or 0.8 percent to 21,279.63.
Notable movers in Australia include Woodside Energy and Beach Energy, which are gaining almost 1 percent each. Resolute Mining is edging up 0.3 percent, while Xero is sliding almost 4 percent. Afterpay owner Block is declining more than 4 percent. BHP Group, Fortescue, and Rio Tinto are edging up 0.1 to 0.2 percent each.
In the energy sector, West Texas Intermediate crude for October delivery was up $1.51 or 2.36 percent at $65.52 per barrel. Crude oil prices jumped due to concerns about supply disruptions following strikes on Russian energy sites by Ukraine. Santos is edging down 0.4 percent, while Origin Energy is losing more than 3 percent.
Meanwhile, in the mining sector, Evolution Mining and Gold Road Resources are gaining almost 1 percent each. Northern Star Resources is advancing more than 2 percent, while Mineral Resources is edging down 0.4 percent. Newmont is edging down 0.1 percent.
WiseTech Global is losing more than 1 percent, and Appen and Zip are slipping almost 1 percent each. The Aussie dollar is trading at $0.651 on Wednesday.
It's worth noting that the biggest gainer among the top-4 banks on Monday, September 1, on the S&P/ASX 200 was not explicitly named in the search results, but the sector, including all big four lenders, rose between 1-2% with the financial sector lifting by around 1.5% that day.
This volatile market trend continues as investors grapple with a mix of economic factors and geopolitical tensions.
Read also:
- Upcoming iPhone Model: What We Understand Thus Far
- Diversity Among Varieties of Green: Each one has its uniqueness
- Top Trends: TheCompilation of Up-to-date Information in the World of Data News
- Renowned reproductive medicine expert, Dr. Nirmala Sadasivam, honored with the distinguished Dronacharya Award for dedicating 36 years of her career.
