Australian Market Notably Lower

(RTTNews) - The Australian stock market is notably lower on Tuesday, giving up the gains in the previous session, with the benchmark S&P/ASX 200 staying below the 7,200 level, following the broadly positive cues from global markets overnight, with losses in energy, financial and technology stocks, partially offset by gains in mining stocks.

The benchmark S&P/ASX 200 Index is losing 28.30 points or 0.40 percent to 7,164.00, after hitting a low of 7,160.90 earlier. The broader All Ordinaries Index is down 27.40 points or 0.37 percent to 7,360.40. Australian stocks closed notably higher on Monday.

Among the major miners, BHP Group is gaining almost 1 percent, Rio Tinto is adding almost 2 percent, Fortescue Metals is up more than 1 percent and Mineral Resources is edging up 0.4 percent. Oil stocks are mostly lower. Santos is losing 1.5 percent, Woodside Energy is slipping almost 2 percent, Beach energy is down more than 2 percent and Origin Energy is edging down 0.1 percent. Among tech stocks, Afterpay owner Block and Xero are edging down 0.2 to 0.4 percent each, while WiseTech Global is losing almost 1 percent, Appen is down more than 1 percent and Zip is declining more than 5 percent. Gold miners are mostly higher. Northern Star resources is gaining more than 1 percent, Evolution Mining is edging up 0.4 percent and Resolute Mining is adding 1.5 percent. Newcrest Mining and Gold Road Resources are flat.

Among the big four banks, National Australia Bank, ANZ Banking and Commonwealth Bank are losing almost 1 percent each, while Westpac is edging down 0.5 percent.

In the currency market, the Aussie dollar is trading at $0.642 on Tuesday.

On Wall Street, stocks moved mostly higher during trading on Monday following the notable pullback seen last week. The major averages all moved to the upside on the day, adding to the modest gains posted last Friday.

The major averages all closed in positive territory, with the tech-heavy Nasdaq posting a standout gain. The Nasdaq jumped 156.37 points or 1.1 percent to 13,917.89, the S&P 500 climbed 29.97 points or 0.7 percent to 4,487.46 and the Dow rose 87.13 points or 0.3 percent to 34,663.72.

The major European markets all also moved to the upside on the day. While the U.K.'s FTSE 100 Index rose by 0. percent, the German DAX Index and the French CAC 40 Index climbed by 0.4 percent and 0.5 percent, respectively.

Crude oil prices fell on Monday, retreating from last week's 10-month highs on concerns about the outlook for energy demand from China. West Texas Intermediate Crude oil futures for October ended lower by $0.22 or 0.3 percent at $87.29 a barrel.