(RTTNews.com) - The Australian stock market is declining on Friday, with stocks lower across the board following the negative cues overnight from Wall Street amid renewed concerns about the outlook for interest rates. Investors are also cautious ahead of the Trump-Xi Jinping meeting at the G-20 summit in Argentina.
The benchmark S&P/ASX 200 Index is losing 66.00 points or 1.15 percent to 5,692.40, after touching a low of 5,675.80 earlier. The broader All Ordinaries Index is down 63.40 points or 1.09 percent to 5,772.30. Australian shares pared some gains, but still closed higher on Thursday.
In the banking sector, National Australia Bank, Westpac, Commonwealth Bank and ANZ Banking are losing in a range of 1.2 percent to almost 1.6 percent.
The major miners are mostly lower. Fortescue Metals is lower by almost 1 percent and BHP is declining 0.6 percent, while Rio Tinto is edging up 0.1 percent.
Gold miners are also weak despite gold prices edging up overnight. Evolution Mining is losing more than 2 percent and Newcrest Mining is declining more than 1 percent.
Oil stocks are mostly lower despite a rebound in crude oil prices overnight. Santos and Woodside Petroleum are down 0.2 percent each, while Oil Search is adding almost 1 percent.
Coca-Cola Amatil said it has decided to sell its loss-making SPC business after a review of the Victorian food unit and expects the business to record a full-year loss in 2018 of about A$10 million. Shares of Coca-Cola Amatil are losing more than 11 percent.
Shares of newly-listed supermarket giant Coles are down for a fourth straight session, losing almost 3 percent.
In economic news, the Reserve Bank of Australia said that private sector credit in Australia was up 0.4 percent on month in October, unchanged and in line with expectations.
In the currency market, the Australian dollar is almost flat against the U.S. dollar on Friday. The local currency was quoted at $0.7317, compared to $0.7316 on Thursday.
On Wall Street, stocks closed modestly lower on Thursday in a volatile session after the minutes of the Federal Reserve's monetary policy meeting held earlier this month seemed to reinforce expectations for another quarter-point increase in interest rates next month. The minutes said that almost all participants agreed another increase in rates was "likely to be warranted fairly soon."
The Dow moved in a nearly 300-point range before edging down 27.59 points or 0.1 percent to 25,338.84. The Nasdaq slipped 18.51 points or 0.3 percent to 7,273.08 and the S&P 500 dipped 5.99 points or 0.2 percent to 2,737.80.
European stocks mostly moved to the upside on Thursday. The U.K.'sFTSE 100 Index and the French CAC 40 Index both advanced by 0.5 percent, but the German DAX Index bucked the uptrend and closed just below the unchanged line.
Crude oil futures rebounded on Thursday on reports that Russia, the second largest producer of crude oil, is likely to agree on a production cut in the upcoming OPEC and non-OPEC producers meet in Vienna next week. WTI crude rose $1.16 or 2.3 percent to close at $51.45 a barrel on the New York Mercantile Exchange.
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