Australian share market falls as banks and miners weigh

Summarised from 2 outlets · Updated 14 Oct, 03:03 · Archive

Australia's share market fell 0.84 per cent by midday, tracking weakness in US banks despite their better-than-expected earnings. The S&P/ASX200 fell 75.3 points to 8709.9, while the broader All Ordinaries lost 71 points to 8850.5. The ASX is on track to snap a three-day winning streak.

The heavyweight financials sector tumbled almost two per cent, wiping the previous session's gains after Citigroup and Goldman Sachs sold off overnight despite topping their third quarter profit forecasts. CommBank led the big four banks into the red. Chief executive Matt Comyn told shareholders at the company's annual meeting that the company faces a 'demanding environment', noting that growth is slowing and inflation remains too high. He added that higher interest rates will take time to bring inflation back into the target range, and warned of more frequent and volatile international shocks.

Miners also came under pressure. Uranium stocks fell sharply, with Paladin tumbling eight per cent after its September quarter production was severely impacted by a shutdown and pit transition at its Langer Heinrich uranium mine in Namibia. Non-energy miners were also under pressure, down 0.7 per cent as gold miners continued to drag. The energy sector tracked oil prices higher, with Brent crude trading at $US106.60 a barrel, and Woodside and Santos charging higher.

How it is being reported

• Australian shares fall as banks, miners weighThe ASX is on track to snap a three-day winning streak, with banks weighing heavily after a sell-off in their US counterparts.Perth Now · 14 Oct, 02:44
• Australian shares fall as banks, miners weighThe ASX is on track to snap a three-day winning streak, with banks weighing heavily after a sell-off in their US counterparts.The West Australian · 14 Oct, 02:44

In this story: ASX · CommBank · Citigroup · Goldman Sachs · Matt Comyn · Woodside · Santos · Paladin

This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem