Australian shares are experiencing minor declines on Wednesday, continuing the downward trend from the previous session. The benchmark S&P/ASX 200 remains above the 8,200 mark, influenced by negative trends from Wall Street overnight. Weakness in iron ore miners and technology stocks is nearly balanced by gains in gold miners and energy stocks. Market sentiment is dampened by rising tensions in the Middle East, following Iran's missile attack on Israel in retaliation for the killing of Hezbollah leader Hassan Nasrallah and other senior figures.
The S&P/ASX 200 Index is down 1.80 points or 0.02 percent, standing at 8,207.10, with an intraday low of 8,176.80 and a high of 8,024.50. The broader All Ordinaries Index is also down, by 5.60 points or 0.07 percent, to 8,476.30. Australian stocks saw a significant decline on Tuesday.
In the mining sector, Rio Tinto is down nearly 1 percent, while Mineral Resources and Fortescue Metals have dipped by 0.4 to 0.5 percent each. BHP Group is up nearly 1 percent.
Oil stocks are generally trending upward. Origin Energy is marginally up by 0.3 percent, Beach Energy has risen over 3 percent, and both Woodside Energy and Santos are gaining nearly 3 percent each. Among technology stocks, Block (owner of Afterpay) is down almost 1 percent, Zip has fallen nearly 3 percent, WiseTech Global is down 1.5 percent, and Xero has decreased by over 2 percent, while Appen has edged up 0.5 percent.
The major banks—Commonwealth Bank, National Australia Bank, ANZ Banking, and Westpac—are each up by 0.1 to 0.3 percent.
Gold miners are seeing positive activity with Evolution Mining advancing more than 1 percent, Gold Road Resources up over 2 percent, Newmont nearly 2 percent higher, and both Northern Star Resources and Resolute Mining adding almost 1 percent.
The Australian dollar is trading at $0.689 on Wednesday.
On Wall Street, stocks partially recovered over the course of Tuesday but remained significantly negative after early sharp declines. The major indices moved downward, with the tech-heavy Nasdaq leading the losses.
The Nasdaq dropped 278.81 points or 1.5 percent to 17,910.36, the S&P 500 fell 53.73 points or 0.9 percent to 5,708.75, and the Dow decreased by 173.18 points or 0.4 percent to 42,156.97.
In Europe, major markets showed mixed results after early gains. The U.K.'s FTSE 100 Index rose 0.5 percent, while Germany's DAX Index fell by 0.6 percent and France's CAC 40 Index declined by 0.8 percent.
Crude oil prices rose on Tuesday, driven by the potential for tight supply due to escalating tensions in the Middle East after Iran's missile attack on Israel. West Texas Intermediate Crude oil futures for November closed up $1.66 or nearly 2.5 percent at $69.83 a barrel.