(RTTNews.com) - The Australian stock market is declining on Wednesday despite the positive lead overnight from Wall Street after metals prices fell amid worries about global trade tensions. Mining stocks and banks are trading weak.
In late-morning trades, the benchmark S&P/ASX 200 Index is declining 19.40 points or 0.31 percent to 6,160.30, off a low of 6,152.40. The broader All Ordinaries Index is down 18.10 points or 0.29 percent to 6,269.50. Australian markets rose notably on Tuesday to snap an eight-session losing streak.
Myer Holdings reported a full-year net loss on asset write-downs and lower sales, while underlying net profit fell 52 percent. The department store giant's shares are losing more than 6 percent.
The major miners are weak after a fall in industrial metals prices due to worries about trade tensions. BHP Billiton and Fortescue Metals are declining more than 1 percent each, while Rio Tinto is down 0.6 percent.
Among gold miners, Newcrest Mining is losing almost 1 percent and Evolution Mining is lower by more than 1 percent despite higher gold prices.
In the banking sector, ANZ banking, Commonwealth Bank, National Australia Bank and Westpac are down in a range of 0.2 percent to 0.9 percent.
Bucking the trend, oil stocks rose after crude oil prices gained more than 2 percent overnight. Oil Search and Woodside Petroleum are advancing almost 1 percent each, while Santos is higher by almost 2 percent.
The Australian Competition and Consumer Commission has approved a A$13 billion takeover bid by a Hong Kong consortium for Australia's biggest gas pipeline company APA Group. Shares of APA Group are rising more than 1 percent.
In economic news, Australia will see September results for the consumer confidence index from Westpac today.
In the currency market, the Australian dollar is lower against the U.S. dollar on Wednesday. The local currency was quoted at $0.7108, down from $0.7123 on Tuesday.
On Wall Street, stocks closed higher on Tuesday as traders looked to pick up stocks at somewhat reduced levels following recent weakness. Trading activity remained somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.
The Dow rose 113.99 points or 0.4 percent to 25,971.06, the Nasdaq climbed 48.31 points or 0.6 percent to 7,972.47 and the S&P 500 advanced 10.76 points or 0.4 percent to 2,887.89.
The major European markets ended mixed on Tuesday. While the French CAC 40 Index climbed by 0.3 percent, the German DAX Index and the U.K.'sFTSE 100 Index both edged down by 0.1 percent.
Crude oil prices surged on Tuesday as falling Iranian output tightened global supply and a major hurricane approached the U.S. east coast. WTI crude for October rose $1.70 or 2.5 percent to close at $69.25 a barrel on the New York Mercantile Exchange.
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