The Australian share market has inched lower, weighed down by property and energy stocks as commodity prices lost ground and tech heavyweight results underwhelmed in the US.
The benchmark S&P/ASX200 index on Wednesday finished 7.4 points lower, or 0.1 per cent, to 7,963.7 points while the broader All Ordinaries fell 3.1 points, or 0.04 per cent, to hold basically flat at 8,205.5 points.
The property and energy sectors were the worst performers, with the latter down 1.1 per cent and recording its fifth straight loss, with oil around a near six-week low of below $US82 a barrel despite the Brent Crude recovering some lost ground on Wednesday.
Woodside posted its fourth day of losses, down 1.1 per cent to a four-week low of $27.24, while Ampol fell 1.3 per cent, to $33.10.
Property stocks also slid into the red, with Lendlease down 3.1 per cent, Goodman Group falling 2.1 per cent, and Charter Hall sinking 3.1 per cent.
Wall Street was cautious heading into tech earnings, with Tesla and Alphabet leaving investors unenthused after the close of trade.
The start of earnings season in the US was providing a headwind for equities with investors looking for tech heavyweights to meet lofty earnings expectations, Westpac economist Jameson Coombs said.
Business activity in Australia's private sector neared stagnation in July, based on the flash purchasing managers index released on Wednesday, with new orders declining for a second month in a row.
Betting markets were still expecting a Republican sweep of US Congress under Donald Trump even after Democrat President Joe Biden's withdrawal from the electoral race.
The scenario would be supportive of the US healthcare sector with Australian stocks buoyed by the "Trump Trade" tailwinds, IG market analyst Tony Sycamore said.
BHP was up 0.2 per cent to $41.56, Fortescue gained 0.5 per cent to $21.32, and Rio Tinto increased 0.5 per cent to $114.43.
The big banks were mixed, with Commonwealth Bank down 0.2 per cent, ANZ falling 0.7 per cent, Westpac up 0.7 per cent and NAB gaining 0.6 per cent.
Iron ore majors were down after the mineral fleetingly traded below $US100 a tonne, while Mineral Resources fell 3.2 per cent and Iluka Resources dropped 4.7 per cent.
Telix Pharmaceuticals shares sunk 7.2 per cent, to $18.85, following the completion of a major funding exercise.
Flight Centre was down 4.7 per cent to $21.92, after amending its profit range to between $316 million and $324 million, narrowing its range of guidance from $300 million to $340 million.
The Australian dollar sank to its lowest level in more than six weeks, buying 65.92 US cents, from 66.32 US cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index on Wednesday dropped 7.4 points, or 0.1 per cent, at 7,963.7.
* The broader All Ordinaries fell 3.1 points, or 0.04 per cent, to 8,205.5.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.92 US cents, from 66.26 US cents at Tuesday's ASX close
* 101.82 Japanese yen, from 103.76 Japanese yen
* 60.75 euro cents, from 60.88 euro cent
* 51.13 British pence, from 51.29 British pence
* 111.23 NZ cents, from 111.10 NZ cents
