The Australian stock market is modestly higher on Tuesday, recouping some of the losses in the previous session, with the benchmark S&P/ASX 200 staying above the 6,600 level, despite the broadly negative cues from global markets overnight, boosted largely by energy and financial stocks, partially offset by weakness in mining and technology stocks.
Investors are also bracing for US inflation and domestic jobs data this week that could throw light on the path of monetary policy in the US as well as Australia. T
The benchmark S&P/ASX 200 Index is gaining 20.50 points or 0.31 percent to 6,622.70, after touching a high of 6,649.70 earlier. The broader All Ordinaries Index is up 13.30 points or 0.20 percent to 6.805.90. Australian stocks closed sharply lower on Monday.
Among the major miners, Rio Tinto, BHP Group and Fortescue Metals are flat, while Mineral Resources is losing more than 1 percent and OZ Minerals is down almost 1 percent.
Oil stocks are higher, with Beach energy and Santos edging up 0.3 percent each, while Woodside Energy is adding more than 1 percent and Origin Energy is gaining almost 1 percent.
Among tech stocks, Afterpay owner Block and Appen are losing more than 3 percent each, while WiseTech Global is edging down 0.2 percent. Xero is edging up 0.5 percent. Zip is in a trading halt after it mutually agreed with U.S. rival Sezzle to cancel their merger deal.
Gold miners are lower. Newcrest Mining and Gold Road Resources are is edging down 0.5 percent each, while Evolution Mining is losing more than 1 percent and Resolute Mining is flat. Northern Star Resources is edging up 0.4 percent.
Among the big four banks, Commonwealth Bank is gaining more than 1 percent, while ANZ Banking and Westpac are adding almost 1 percent each. National Australia Bank is advancing almost 2 percent.
In the currency market, the Aussie dollar is trading at $0.672 on Tuesday.
On Wall Street, stocks showed a significant move to the downside during trading on Monday following the lackluster performance seen last Friday. The major averages regained ground after an early slump by once again came under pressure going into the close.
The major averages all ended the day firmly in negative territory, with the tech-heavy Nasdaq leading the way lower. While the Nasdaq tumbled 262.71 points or 2.3 percent to 11,372.60, the S&P 500 slumped 44.95 points or 1.2 percent to 3,854.43 and the narrow Dow fell 164.31 points or 0.5 percent to 31,173.84.
Most European stocks also moved to the downside on the day. While the U.K.’s FTSE 100 Index ended the session nearly unchanged, the French CAC 40 Index slid by 0.6 percent and the German DAX Index tumbled by 1.4 percent.
Crude oil prices slipped Monday on concerns about the outlook for energy demand amid a surge in coronavirus cases in China, while the dollar’s jump amid expectations of sharp interest rate hikes also weighed on prices. West Texas Intermediate Crude oil futures for August ended lower by $0.70 or 0.7 percent at $104.90 a barrel.
Market Analysis
Australian Market Modestly Higher
2022-07-12 01:27:28
