Explore the latest developments concerning ASX 200 LIVE:.
ASX 200 LIVE: Australian shares set to open lower, China and US price reports pending
The Australian sharemarket closed lower on Wednesday, dragged down by a sell-off in the big four lenders.
The S&P/ASX 200 Index dropped 56 points, or 0.6 per cent, to 8727.9, with only five of the 11 sectors trading in the green, including energy companies that were buoyed by the higher oil price at $US106 a barrel.
The communications sector also crept higher as Telstra rebounded 1.3 per cent to $4.70 off a recent sell-off on SpaceX’s spectrum deal.
Local bank stocks fell amid a lukewarm reaction to the first round of Wall Street’s third-quarter earnings overnight, which included results from major lenders such as JPMorgan and Goldman Sachs. Investors also awaited the release of US inflation data.
ASX slips, Commonwealth Bank faces shareholders — as it happened
The ASX lost ground after a negative close on Wall Street. Major bank stocks fell, including CBA, which detailed its AI rollout at its annual meeting.
Catch up on the day's events and insights from our business reporters on the ABC News live markets blog.
Australia's share market lost 0.64% of its value today, dragged down by losses in financials, basic materials, and industrials.
The ASX200 index is virtually unchanged over the last five days and over the year-to-date.
Australia's national unemployment rate has been slowly increasing over the last four years, from a low of 3.4% in October 2022 to 4.6% in August this year. Will it keep increasing in coming months?
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Banks weigh down ASX after US earnings spook markets
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Australian shares have dipped following a sharp sell-off in the major banks, after disappointing earnings from their US counterparts highlighted the challenging backdrop for financial institutions.
The S&P/ASX200 fell 56 points on Wednesday, down 0.64 per cent, to 8727.9, as the broader All Ordinaries dropped 52.5 points, or 0.59 per cent, to 8869.
The heavyweight financials sector tumbled 1.6 per cent as the big four banks sold off, after US bank earnings failed to impress investors and a shareholder address from CommBank boss Matt Comyn noted a host of local and international economic headwinds. Commonwealth Bank slumped 2.2 per cent, National Australia Bank shed 1.8 per cent, Westpac fell 1.3 per cent and ANZ Bank slid0.2 per cent.
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