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The Australian stock market is trimming its early losses in mid-market moves on Wednesday, but extending the losses in the previous three sessions, with the benchmark S&P\/ASX 200 falling below the 8,650 level, following the mixed cues from Wall Street overnight, with weakness in technology<\/span> and financial stocks partially offset by gains in mining and energy stocks.<\/p>\n The losses were also partially offset by the 2026\/27 federal budget, which offers modest cost-of-living relief and sweeping tax reforms aimed at long-term fiscal repair.<\/p>\n The benchmark S&P\/ASX 200 Index is losing 30.90 points or 0.36 percent to 8,639.80, after hitting a low of 8,590.70 earlier. The broader All Ordinaries Index is down 23.20 points or 0.26 percent to 8,886.40. Australian stocks ended modestly lower on Tuesday.<\/p>\n Among major miners, BHP Group is advancing more than 2 percent and Fortescue is gaining almost 1 percent, while Mineral Resources and Rio Tinto are adding almost 2 percent each.<\/p>\n Oil stocks are mostly higher. Beach energy and Santos are gaining almost 1 percent each, while Origin Energy and Woodside Energy are edging up 0.3 to 0.5 percent each.<\/p>\n In the tech space, Afterpay owner Block is losing more than 1 percent, Zip is tumbling almost 7 percent and WiseTech Global is declining more than 3 percent, while Xero is edging up 0.1 percent. Appen are flat.<\/p>\n Among the big four banks, National Australia bank is slipping more than 2 percent, ANZ Banking is losing almost 2 percent and Westpac is declining almost 3 percent. Commonwealth Bank is tumbling more than 8 percent after higher bad debt provisions weighed on earnings.<\/p>\n Among gold miners, Evolution Mining is gaining more than 2 percent, Resolute Mining is up almost 1 percent, Northern Star Resources is advancing almost 2 percent, Newmont is edging up 0.4 percent and Genesis Minerals is adding almost 3 percent.<\/p>\n In other news, shares in Healius are plummeting almost 20 percent after lowering its full-year earnings guidance and launching a strategic review of Agilex Biolabs.<\/p>\n Shares in Perenti are jumping almost 8 percent after the company announced that its underground mining subsidiary Barminco had won an $850 million contract with Bellevue Gold. The contract would run for four years with the option to extend for another year.<\/p>\n In economic news, Australia’s seasonally adjusted Wage Price Index increased 3.3 percent on year in the first quarter, easing from a 3.4 percent rise in the previous quarter and in line with market expectations. On a quarterly basis, wages grew 0.8 percent, unchanged from the prior period and in line with market expectations.<\/p>\n Meanwhile, the value of new owner-occupier loan commitments for dwellings in Australia declined by 4.3 percent on quarter to A$61.4 billion in the first quarter, reversing a downwardly revised 9.4 percent growth in the previous quarter. On an annual basis, owner-occupier lending jumped 14.3 percent.<\/p>\n In the currency market, the Aussie dollar is trading at $0.724 on Wednesday. <\/p>\n<\/p>\n Market Analysis<\/p>\n<\/div>\n