18.12.202501:00:45UTC+00Australian Stocks Slip for Fourth Day

The S&P/ASX 200 index experienced a decline of 0.3% on Thursday morning, settling around 8,560. This marks the fourth consecutive session of losses, bringing the index to a three-week low, primarily influenced by a tech-driven downturn on Wall Street, which dampened market sentiment. The local technology sector saw a notable decrease of 1.8%, hitting its lowest point since early April, as global concerns surrounding artificial intelligence trading intensified. Leading companies in the sector, such as Wisetech Global, Xero, and Technology One, recorded declines ranging from 0.7% to 1.6%, mirroring the performance of their U.S. counterparts. The gold sector also contributed to the market's dip, dropping 1.6%, likely due to profit-taking activities following a record high in the previous session. Notably, shares in gold miners Northern Star and Evolution Mining fell by 1.8% and 1.3%, respectively. Furthermore, financial stocks saw a 0.3% decrease, marking a fourth consecutive decline, as concerns over earnings growth and a tightening policy outlook for the upcoming year weighed on the sector. Investor caution was heightened by the news that Australia's consumer inflation expectations climbed to 4.7% in December, up from a three-month low of 4.5% in November, lending support to the Reserve Bank of Australia's hawkish policy stance.