The local share market has closed slightly lower ahead of an overnight report that could shed more light on the health of the American economy.
Losses for the S&P/ASX200 moderated on Thursday afternoon, with the benchmark index finishing down 17.8 points, or 0.23 per cent, at 7,682.0.
It had dropped as many as 55.6 points, or 0.72 per cent, close to midday.
The broader All Ordinaries fell 26.6 points, or 0.34 per cent, at 7,886.5.
The market was marking time ahead of the overnight release of weekly US jobless claims, says trading veteran Michael McCarthy, chief commercial officer at trading platform Moomoo.
"It's obviously going to be very important, the market is very concerned about the growth outlook, and the data can speak directly to that," he told AAP.
Last week's release of softer-than-expected US manufacturing and labour market data led to a sharp selloff of equities around the world, with the ASX dropping a total of 5.8 per cent across Friday and Monday.
"The market's very data dependent at the moment," Mr McCarthy said. "Recession fears are stalking us."
Five of the ASX's 11 sectors finished lower and five closed higher, with tech basically flat.
Property was the biggest mover, dropping 2.0 per cent as Mirvac tumbled 9.0 per cent to a one-month low of $1.92 on a disappointing earnings report.
The developer, investor and fund manager reported a five per cent fall in net operating profit to $552 million for the year to June 30.
"While market conditions are likely to remain challenging in 2024/25, we are setting ourselves up for recovery," group chief executive Campbell Hanan said.
Several other companies were also reporting financial results as Australian earnings season kicked off in earnest.
AMP soared 13.3 per cent to a 10-month high of $1.28 after the financial services company posted a small rise in overall profit despite a hit to the banking division from a housing market slowdown.
"We have made good progress this half on our key strategic commitments, and we have positive momentum heading into the second half of the year," AMP chief executive Alexis George said.
Transurban dropped 0.8 per cent to $12.78 as the toll operator forecast it would increase its dividend by five per cent this financial year, after growing its 2023/24 operating earnings by 7.5 per cent to $2.6 billion.
In the heavyweight mining sector, BHP dropped 2.0 per cent to a 21-month low of $40.21 as metal prices slid, with the Big Australian's fall accounting for two-thirds of the ASX200's losses.
Rio Tinto dropped 2.1 per cent to a two-week low of $114.16 and Fortescue dipped 1.8 per cent to a similar 21-month low of $18.10.
West African Resources retreated 10.8 per cent to a four-month low of $1.245 after Burkina Faso, where the goldminer operates, adopted a new mining code aimed at increasing the sector's financial contributions to the West African nation.
Other goldminers were also in the red as the yellow metal changed hands at $US2,397 an ounce, with Newmont falling 2.3 per cent and Northern Star dropping 2.5 per cent.
All of the Big Four banks were higher, with CBA growing 1.4 per cent to $129.11, NAB advancing 1.6 per cent to $35.31, ANZ adding 1.1 per cent to $27.65 and Westpac climbing 0.8 per cent to $27.85.
Qantas fell 2.2 per cent to $5.84 as the Flying Kangaroo said it would withhold $9.3 million from former chief executive Alan Joyce's 2022/23 remuneration, citing issues that damaged the airline's reputation.
The Australian dollar was buying 65.59 US cents, from 65.39 US cents at Wednesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Thursday down 17.8 points, or 0.23 per cent, at 7,682.0.
* The broader All Ordinaries dropped 26.6 points, or 0.34 per cent, to 7,886.5.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.59 US cents, from 65.39 US cents at Wednesday's ASX close
* 95.76 Japanese yen, from 95.83 Japanese yen
* 59.97 euro cents, from 59.91 euro cents
* 51.63 British pence, from 51.48 pence
* 109.30 NZ cents, from 108.92 NZ cents
