Australian Market Slightly Higher

(RTTNews) - The Australian stock market is slightly higher in choppy trading on Wednesday, recouping some of the losses in the previous three sessions, with the benchmark S&P/ASX 200 staying above the 6,600 level, despite the broadly negative cues from global markets overnight, with gains in financial stocks. Traders also picked up battered stocks at a bargain following the recent market weakness.

The benchmark S&P/ASX 200 Index is gaining 12.90 points or 0.19 percent to 6,657.90, after touching a high of 6,663.00 and low of 6,633.00 earlier. The broader All Ordinaries Index is up 10.00 points or 0.15 percent to 6,854.30. Australian stocks ended modestly lower on Tuesday.

Among major miners, BHP Group is edging down 0.2 percent, Rio Tinto is losing more than 1 percent, Fortescue Metals is slipping almost 2 percent and Mineral Resources is declining 3.5 percent, while OZ Minerals is gaining almost 1 percent.

Oil stocks are lower. Santos and Woodside Energy are losing almost 2 percent each, while Origin Energy is declining more than 2 percent and Beach energy is edging down 0.5 percent.

In the tech space, Afterpay owner Block is slipping more than 3 percent, Zip is losing almost 2 percent, Appen is down more than 1 percent, Xero is declining more than 2 percent and WiseTech Global is edging down 0.2 percent.

Among the big four banks, National Australia Bank is adding almost 1 percent and Commonwealth Bank is gaining almost 2 percent, while ANZ Banking and Westpac are gaining more than 2 percent each. Among gold miners, Gold Road Resources and Evolution Mining are losing more than 1 percent each, while Northern Star Resources and Newcrest Mining are down almost 1 percent each. Resolute Mining is gaining more than 1 percent.

In other news, shares in Queensland Pacific Metals are soaring almost 17 percent on news that General Motors will take an equity stake in the miner by investing up to $69 million.

Shares in Coronado Global Resources are surging 6.5 percent after confirming it is in discussions with fellow coal miner Peabody Energy about a potential merger.

In the currency market, the Aussie dollar is trading at $0.626 on Wednesday.

On Wall Street, stocks recovered gradually after a weak start Tuesday morning, and after emerging into positive territory, faltered again as the day progressed amid rising worries about interest rates and economic slowdown. A downward revision in global growth forecast by the International Monetary Fund weighed as well.

The major averages closed mixed on the day. The Dow ended the session with a gain of 36.31 points or 0.12 percent at 29,239.19, while the S&P 500 settled at 3,588.84, down 23.55 points or 0.65 percent from the previous close and the Nasdaq settled at 10,426.19, down 115.91 points or 1.1 percent.

The major European markets closed weak, as worries about surging inflation, rising interest rates and slowing growth continued to weigh on sentiment. The U.K.'s FTSE 100 shed 1.06 percent, Germany's DAX ended 0.43 percent down, and France's CAC 40 edged down 0.13 percent.

Crude oil prices fell on Tuesday, extending losses from the previous session on concerns about outlook for energy demand amid the rising possibility of a global recession. A surge in COVID-19 cases in China and fears of further monetary policy tightening also weighed. West Texas Intermediate Crude oil futures for November sank $1.78 or 2 percent at $89.35 a barrel.