Australian Market Modestly Higher

(RTTNews) - Australian shares are gaining for the second straight session on Wednesday, with the benchmark S&P/ASX 200 moving above the 6,800 level, following the broadly positive cues from global markets overnight, with gains across most sectors led by mining and technology stocks.

The benchmark S&P/ASX 200 Index is gaining 26.50 points or 0.39 percent to 6,807.20, after touching a high of 6,813.30 earlier. The broader All Ordinaries Index is up 25.40 points or 0.37 percent to 6,992.90. Australian stocks ended slightly higher on Tuesday.

Among major miners, Fortescue Metals and Mineral Resources are adding more than 1 percent each, while BHP Group is gaining almost 1 percent and Rio Tinto is advancing almost 2 percent.

Oil stocks are mixed. Beach energy and Woodside Energy are edging up 0.3 percent each, while Origin Energy is losing almost 1 percent and Santos is edging down 0.1 percent. In the tech space, Afterpay owner Block is gaining almost 4 percent, Zip is adding more than 2 percent, Appen is up almost 1 percent and WiseTech Global is edging up 0.1 percent, while Xero is edging down 0.5 percent.

Among the big four banks, National Australia Bank, Commonwealth Bank and ANZ Banking are edging down 0.1 to 0.2 percent each, while Westpac is flat. Among gold miners, Northern Star Resources is edging up 0.5 percent and Resolute Mining is gaining almost 1 percent, while Gold Road Resources and Evolution Mining are losing almost 1 percent each. Newcrest Mining is flat.

In other news, shares in Regal Partners are jumping almost 9 percent after it revealed it bought a 50 percent stake in Taurus Funds.

In economic news, the manufacturing sector in Australia continued to contract in October, and at a faster pace, the latest survey from Judo Bank revealed on Wednesday with a manufacturing PMI score of 48.2. That's down from 48.7, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

The Australian Bureau of Statistics said on Wednesday the total number of building approvals issued in Australia was down a seasonally adjusted 4.6 percent on month in September, coming in at 13,144. That missed expectations for a flat reading following the upwardly revised 8.1 percent increase in August (originally 7.0 percent). On a yearly basis, building approvals slumped 20.6 percent.

In the currency market, the Aussie dollar is trading at $0.632 on Wednesday.

On the Wall Street, stocks moved mostly higher over the course of the trading session on Tuesday after recovering from an initial move to the downside. The major averages climbed well off their early lows and firmly into positive territory.

The major averages finished the day near their best levels of the session. The Dow rose 123.91 points or 0.4 percent to 33,052.87, the Nasdaq climbed 61.76 points or 0.5 percent to 12,851.24 and the S&P 500 advanced 26.98 points or 0.7 percent to 4,193.80.

The major European markets also moved to the upside on the day. The French CAC 40 Index advanced by 0.9 percent and the German DAX Index climbed by 0.6 percent, although the U.K.'s FTSE 100 Index bucked the uptrend and edge down by 0.1 percent.

Crude oil prices dropped on Tuesday, and posted a monthly loss as well, as concerns about the outlook for energy demand and a stronger dollar weighed on the commodity. West Texas Intermediate crude oil futures for December fell $1.29 or 1.6 percent at 81.02 a barrel, the lowest settlement in two months. WTI crude futures shed nearly 11 percent in October.