Australian Market Modestly Lower

The Australian stock market is trading modestly lower on Wednesday after being marginally in the green earlier, snapping a five-session winning streak, with the benchmark S&P/ASX 200 staying below the 7,500 level, following the mostly negative cues from global markets overnight, with weakness across most sectors after domestic inflation figures came in higher than expected.

The benchmark S&P/ASX 200 Index is losing 30.70 points or 0.41 percent to 7,459.70, after hitting a low of 7454.50 and a high of 7,507.30 earlier. The broader All Ordinaries Index is down 30.80 points or 0.40 percent to 7,679.70. Australian stocks ended modestly highes on Tuesday.

Among major miners, BHP Group, Fortescue Metals and Rio Tinto are losing almost 1 percent each, while Mineral Resources is declining more than 4 percent. OZ Minerals is edging up 0.1 percent.

Oil stocks are mostly lower. Beach energy and Woodside Energy are edging down 0.3 percent each, while Santos is losing almost 1 percent. Origin Energy is gaining almost 1 percent.