Australian Market Modestly Lower

(RTTNews) - The Australian stock market is trading modestly lower on Tuesday, extending the losses in the previous session, despite the broadly positive cues from Wall Street overnight. The benchmark S&P/ASX 200 is falling well below the 8,850 level, with weakness in iron ore miners, financial and energy stocks partially offset by gains in gold miners.

The benchmark S&P/ASX 200 Index is losing 35.50 points or 0.40 percent to 8,814.10, after hitting a low of 8,800.00 and a fresh all-time high of 8,867.60 earlier. The broader All Ordinaries Index is down 33.40 points or 0.37 percent to 9,093.50. Australian stocks closed modestly lower on Monday.

Among the major miners, BHP Group is losing almost 1 percent, while Mineral Resources and Rio Tinto are declining almost 2 percent each. Fortescue is edging up 0.1 percent.

Oil stocks are mostly lower. Santos is edging down 0.5 percent, while Beach energy and Woodside Energy are declining almost 1 percent each. Origin Energy is gaining almost 1 percent.

Among tech stocks, Zip is losing almost 1 percent, while WiseTech Global and Appen are declining more than 1 percent each. Afterpay owner Block is gaining almost 1 percent and Xero is edging up 0.1 percent.

Gold miners are mostly higher. Northern Star resources and Evolution Mining are gaining more than 1 percent each, while Gold Road Resources is edging up 0.4 percent and Resolute Mining is surging more than 7 percent. Newmont is edging down 0.2 percent.

Among the big four banks, Commonwealth Bank, ANZ Banking and National Australia Bank are declining almost 1 percent each, while Westpac is losing more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.660 on Tuesday.

On Wall Street, stocks moved moderately higher during trading on Monday, regaining ground after ending last Friday's session well off their worst levels but still mostly lower. With the upward move, the tech-heavy Nasdaq reached a new record closing high.

The major averages all ended the day in positive territory. The Nasdaq climbed 98.31 points or 0.5 percent to 21,978.70, the Dow increased 114.09 points or 0.3 percent to 45,514.95 and the S&P 500 rose 13.65 points or 0.2 percent to 6,495.15.

The major European markets also moved to the upside on the day. While the German DAX Index and the French CAC 40 Index advanced by 0.9 percent and 0.8 percent, respectively, the U.K.'s FTSE 100 Index inched up by 0.1 percent.

Crude oil prices moved higher Monday on the threat of sanctions hanging over Russia on its oil exports, although the upside was limited by OPEC's decision Sunday to increase output. West Texas Intermediate crude for October delivery was up $0.53 or 0.86 percent at $62.40 per barrel.