TOKYO (dpa-AFX) - The Australian stock market is notably lower on Wednesday, extending its losing streak to a fourth straight session and falling to almost two-year lows following the overnight plunge on Wall Street and on weak commodity prices.
The benchmark S&P/ASX 200 Index is losing 58.10 points or 1.02 percent to 5,613.70, after touching a low of 5,594.00 earlier. The broader All Ordinaries Index is down 64.70 points or 1.12 percent to 5,694.50. Australian shares fell modestly on Tuesday.
The major miners are notably lower after metals prices fell overnight. Fortescue Metals is declining more than 3 percent, BHP is losing almost 3 percent and Rio Tinto is lower by more than 2 percent.
Oil stocks are also weak after a more than 6 percent fall in crude oil prices overnight. Santos is falling almost 4 percent, Woodside Petroleum is losing more than 3 percent and Oil Search is down almost 1 percent.
In the banking sector, ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac are lower in a range of 0.2 percent to 0.8 percent.
In the tech space, Afterpay Touch Group is falling almost 6 percent, Computershare is down 3 percent and Altium is losing almost 2 percent.
Gold miners are mixed after gold prices snapped a four-day winning streak to close lower overnight. Newcrest Mining is adding 0.2 percent, while Evolution Mining is lower by 0.6 percent.
The Reject Shop said it will consider a 'somewhat opportunistic' A$78 million takeover bid for it from Allensford, but urged its shareholders to not sell shares before it makes a recommendation. The troubled discount retailer's shares are gaining more than 15 percent.
Shares of Coles are also slated to float on the stock exchange after it's A$20 billion demerger from conglomerate Wesfarmers. Meanwhile, shares of Wesfarmers are tumbling almost 29 percent.
On the economic front, Australia will provide October numbers for skilled vacancies and for the leading index from Westpac Bank today.
In the currency market, the Australian dollar fell further against the U.S. dollar on Wednesday. The local currency was quoted at $0.7214, down from $0.7276 on Tuesday.
On Wall Street, stocks extended their sell-off on Tuesday, partly reflecting a negative reaction to the latest batch of earnings news from companies such as Target and a continued decline by shares of Apple. Department store operator Kohl's and Victoria's Secret parent L. Brands also posted steep losses after reporting their quarterly results.
The Dow plunged 551.80 points or 2.2 percent to 24,465.64, the Nasdaq tumbled 119.65 points or 1.7 percent to 6,908.82 and the S&P 500 slumped 48.84 points or 1.8 percent to 2,641.89.
The major European markets also moved to the downside on Wednesday. The U.K.'s FTSE 100 Index slid by 0.8 percent, the French CAC 40 Index slumped by 1.2 percent and the German DAX Index tumbled by 1.6 percent.
Crude oil prices plunged on Tuesday as rising concerns about global economic outlook outweighed optimism about production cuts by OPEC and allies. WTI crude for January delivery plunged $3.77 or 6.6 percent to $53.43 a barrel, its lowest closing level in a year.
Copyright RTT News/dpa-AFX