SYDNEY - The Australian S&P/ASX 200 Index experienced a sharp decline today, closing down 1.1% at 7414.8 points, reflecting broader concerns about the global economy and a quiet day on US markets. Investors in Australia mirrored the cautious sentiment seen across Asian markets, with futures pointing to a negative start for US indices.
The downturn was led by the utilities sector, which saw the most significant drop at 1.76%, while communication services sectors registered a smaller loss of 0.54%. This downward trend was part of a larger pattern of retreat in Asian markets, with Japan's Nikkei closing 0.68% lower, Hong Kong's Hang Seng dropping by 1.99%, and China's Shanghai Composite decreasing by 0.54%.
Commodity prices presented a mixed picture amidst the market volatility. Gold stood out with a price of $2,052.50 per ounce, while iron ore was priced at $128.95 per tonne. Light crude oil, on the other hand, settled at $72.49 per barrel, reflecting the varied performance of different commodities.
Adding to the economic pressure, the Australian dollar weakened in currency markets, trading at 66.13 US cents. Market participants are keeping a close watch on these indicators as they navigate the uncertainty in the global economic landscape.
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