Energy and consumer discretionary stocks are the hardest hit, whilst telcos and IT stocks are the best performers on the day.
In company news, Iluka Resources is up close to 7% after garnering significantly higher prices for its mineral sands from its customers. Average prices for rutile and synthetic rutile are expected to jump as much as 90% for the next six months.
In economic news, the unemployment rate has unexpectedly risen to 5.3% on the back of the economy shedding nearly 40,000 full-time jobs last month.
The economy dumped 39,000 full-time positions, the most since April. Economists had predicted a 10,000 job increase and for the unemployment rate to remain steady, at 5.2%.
In other news, ANZ has been the first bank to move following Tuesday’s RBA decision, passing on the 25 bps interest rate cut in full to its clients.
Around the region, Asian markets are all weaker; the Hang Seng (-1.3%) and Nikkei (-1%) are the hardest hit of the major indices.