The Australian sharemarket fell for the third consecutive session on Thursday, dragged down by energy stocks as crude oil prices fell to multi-year lows. The decline came despite a bounce back on Wall Street overnight, after United States President Donald Trump announced a one-month pause on auto sector tariffs.
The S&P/ASX 200 dropped 46.4 points or 0.6% to 8,094.7, with seven of 11 sectors finishing in negative territory.
Brent crude slipped below US$70 per barrel, hitting energy stocks hard. Woodside Energy slumped 5.1% after trading ex-dividend, while Santos, Beach Energy also fell, declining 1.9%, and 1.8%, respectively.
Major financial heavyweights were mostly lower, as Westpac eased 0.9%, Macquarie lost 0.4%, and Commonwealth Bank slipped 0.9% after trading ex-dividend.
Retailer Myer jumped 5.3% after Morgan Stanley issued a bullish outlook, suggesting its shares could double under new leadership and strategy.
Meanwhile, struggling casino operator Star Entertainment, which remains suspended from trading, is reportedly close to a deal with Hong Kong investors to offload its Brisbane casino and avoid voluntary administration, according to the Australian Financial Review.
On the bond markets, 10-year and 2-year yields lifted amid a global bond sell-off, up 0.9% and 0.6% respectively to 4.487% and 3.846%.
