Miners drag on market
Easing oil prices and stronger bank stocks were not enough to lift the market, as weak metals prices continued to weigh on the mining sector.
Australia’s share market handed back an early improvement as the morning’s optimism gave way to caution by the afternoon, ahead of key economic data due this week.
The S&P/ASX200 fell 29.1 points, or 0.33 per cent, to 8,787, as the broader All Ordinaries lost 42.9 points, or 0.48 per cent, to 8,988.3.
Ongoing pressure on resources and technology
Australia’s mining segment has dropped for seven of the past nine sessions, as global growth and inflation concerns weigh on the demand outlook for raw materials.
IT stocks have fallen sharply following a weak lead from US tech, after SpaceX shares fell and South Korea’s technology and semiconductor-dominated KOSPI index slumped by more than seven per cent in two sessions.
Traders are weighing AI optimism against stretched technology valuations.
Australian dollar weakens
The Australian dollar is buying 69.64 US cents, down from 70.04 US cents on Monday at 5pm.
