Australian Equities Slide as Wall Street Pressure Mounts

The Australian benchmark S&P/ASX 200 fell 0.52% to 7,451.20 on Friday, continuing a downward trend over the previous seven sessions. The broader All Ordinaries Index also retreated, dropping 0.59% to 7,650.30, as the market struggled to find support below the 7,500 level. The decline follows a volatile session on Wall Street, where the Dow, Nasdaq, and S&P 500 all closed in the red. Investors are reacting to rising US crude inventories and the anticipation of further interest rate hikes from the Federal Reserve, which has dampened global risk appetite. Technology and energy stocks bore the brunt of the sell-off. Block fell nearly 6%, while coal miners New Hope Corp and Yancoal Australia both slid approximately 7%. In the banking sector, National Australia Bank and ANZ both saw losses of around 1%, while Westpac and Commonwealth Bank edged lower by 0.5%. Commodity-linked equities also faced pressure. Gold miners including Gold Road Resources and Evolution Mining dropped roughly 3%. In the currency market, the Australian dollar was quoted at $0.694. Meanwhile, WTI crude futures settled lower at $78.06 per barrel, weighed down by the macroeconomic outlook.