Australian shares opened lower on Friday, declining by 0.93 per cent by 11:35am due to weakness in commodities and following a sell-off on Wall Street.
Iron ore prices fell below $US119 a tonne, while gold dropped below $US2340 an ounce amid reduced expectations for US rate cuts and rising bond yields. BHP, Mineral Resources, and
Evolution saw declines, with BHP losing 0.9 percent to $44.50.
The US markets also closed lower, with the S&P 500 down 0.7 percent, the Nasdaq Composite sliding 0.4 percent, and the Dow losing 1.5 percent, driven by stronger-than-expected PMI data raising concerns about prolonged higher rates.
Additionally, Nvidia surged 9.3 percent, while Perpetual increased its stake in Star amid takeover interest from Hard Rock, and Appen shares rose by 6.8 percent after forecasting operational breakeven in financial 2024.
The SPI futures are pointing to a fall of 77 points.
Best and worst performers
The best-performing sector is S&P/ASX 200 Energy, up 0.33 per cent. The worst-performing sector is S&P/ASX 200 Consumer Discretionary, down 2 per cent.
The best-performing large cap is Woodside Energy Group (ASX:WDS), trading 1.26 per cent higher at $28.10. It is followed by shares in Mercury NZ (ASX:MCY) and A2 Milk Company (ASX:A2M).
The worst-performing large cap is Wesfarmers (ASX:WES), trading 3.36 per cent lower at $64.08. It is followed by shares in Resmed CDI (ASX:RMD) and Lynas Rare Earths (ASX:LYC).
Commodities and the dollar
Gold is trading at US$2356.70 an ounce.
Iron ore is 1.0 per cent lower at US$119.50 a tonne.
Iron ore futures are pointing to a 0.7 per cent fall.
One Australian dollar is buying 0.6604 US dollars.
