Utilities weighed down the sharemarket, countering a strong Wall Street session driven by a tech rally shortly after Friday's trading began. Among the benchmark's 11 sectors, only miners and energy showed gains, while communications, financials, and discretionary sectors experienced significant declines.

The ASX experienced a relatively calm trading session, with the exception of a sharp decline in energy stocks following a significant drop in oil prices, including a 4.1% decrease in US oil, bringing it below $70 per barrel and marking a 5-month low.

Energy stocks on the ASX are down over 2% as a result of a 4.1% drop in US oil prices, which fell below $70 per barrel, despite a 4.63 million barrel decrease in US crude stockpiles. Brent also slid more than 3.5% to below $75 per barrel.

On Wednesday, the Australian sharemarket experienced its largest one-day rally in over a year, with the benchmark S&P/ASX 200 index surging 1.7% to 7178.4 points, driven by increased speculation of an interest rate cut by the Reserve Bank.

Australia's GDP growth in the third quarter was 0.2%, falling short of the market consensus of 0.4%, with a year-on-year expansion of 2.1%, in line with the previous quarter and exceeding forecasts.

Australian shares experienced their most significant single-day drop in over a month on Tuesday, reflecting a change in trader sentiment after a robust November rally.

Australian shares are declining at midday, with mining and tech stocks leading the downturn, ahead of the Reserve Bank of Australia's final rate decision for the year.

The Australian sharemarket experienced a positive uptick on Monday with nine of its eleven sectors showing gains, driven by investor optimism amid expectations that global central banks have completed their monetary policy tightening.

At noon, the S&P/ASX 200 is 1.28 per cent higher at 7,163.40, following the upward movement seen on Wall Street.

Tech stocks have fallen by 1.5%, while energy stocks remained flat despite a drop in oil prices following OPEC+ output cuts. The market also awaited key manufacturing PMI data from China, the UK, and the US later in the day.

On Thursday, the Australian stock market made significant progress, driven by strong increases in cyclical stocks. This surge was fueled by a continued decline in bond yields, which raised expectations of imminent interest rate cuts, a possibility that was not previously anticipated.

Bond yields in the US continue to drop, leading to increased speculation that interest rate cuts may happen sooner than anticipated.

Australian shares rose on Wednesday, primarily driven by gains in interest rate-sensitive stocks, responding to signs of progress in the Reserve Bank's efforts to combat inflation.

Australia's Consumer Price Index (CPI) grew by 4.9 percent in annual terms in October, falling short of analysts' consensus of 5.2 percent.

Shares rebounded on Tuesday due to gains in real estate and gold, while the Australian dollar reached a four-month high amid expectations of prolonged high borrowing costs compared to other developed nations.

Retail sales in October declined by 0.2% compared to September, falling short of the expected 0.1% increase, indicating that rising borrowing costs and elevated inflation are impacting consumers' spending.

The Australian sharemarket experienced a decline on Monday due to a sell-off in commodity stocks, primarily driven by a drop in the value of iron ore.