FX.co ★ Australian Market Significantly Lower

The Australian stock market experienced a notable decline on Friday, continuing its downward trend for the third consecutive day, influenced by largely negative signals from international markets. The S&P/ASX 200 index dropped close to the 8,100 mark, showing losses across the board, particularly in the mining, financial, and technology sectors.

The S&P/ASX 200 Index fell by 78.70 points or 0.96 percent, landing at 8,081.30, after reaching a low of 8,063.20 earlier in the day. Meanwhile, the broader All Ordinaries Index decreased by 80.10 points or 0.95 percent to 8,342.00, following a modest decline in the Australian market on Thursday.

In the mining sector, major players such as BHP Group and Fortescue Metals each saw their shares drop by nearly 1 percent, with Rio Tinto and Mineral Resources sliding by 0.1 percent and nearly 2 percent, respectively.

Oil stocks were generally weak, though there were exceptions. Woodside Energy gained nearly 1 percent, while Origin Energy slipped 0.2 percent. Santos and Beach Energy showed no significant change.

The tech sector also faced declines, with Afterpay's parent company Block losing over 1 percent, Zip reducing by more than 2 percent, and WiseTech Global Energy down by 0.2 percent. Xero and Appen each saw decreases of almost 2 percent as well.

Among the major banks, Commonwealth Bank, ANZ Banking, and Westpac all dropped by more than 1 percent, whereas National Australia Bank saw a decline of nearly 2 percent. The gold mining sector was predominantly lower; Evolution Mining fell almost 3 percent, Northern Star Resources was down nearly 2 percent, Newmont declined by 2.5 percent, Resolute Mining fell over 3 percent, and Gold Road Resources dipped over 1 percent.

In economic developments, the manufacturing sector in Australia reported continued contraction in October, although at a reduced pace. The latest figures from Judo Bank showed a manufacturing PMI score of 47.3, an improvement from September's 46.7, yet still below the 50 mark defining expansion versus contraction.

On the currency front, the Australian dollar was trading at $0.657 on Friday.

U.S. markets showed considerable weakness on Thursday, with stocks declining sharply early on and maintaining that trajectory throughout the day. Technology stocks led a significant downturn on the Nasdaq. All major averages ended near their lowest points for the day: the Nasdaq plummeted 512.78 points or 2.8 percent to 18,095.15, the S&P 500 declined by 108.22 points or 1.9 percent to 5,705.45, and the Dow decreased by 378.08 points or 0.9 percent to 41,763.46.

European markets also experienced declines, with France's CAC 40 Index dropping 1.1 percent, Germany's DAX Index sliding 0.9 percent, and the U.K.'s FTSE 100 Index falling by 0.6 percent.

In the commodities market, crude oil prices rose on Thursday, spurred by anticipated increased demand from the U.S. and potential delays in OPEC's pending output increase planned for December. West Texas Intermediate Crude oil futures for December finished higher by $0.65 or 0.95 percent, reaching $69.26 per barrel.