(RTTNews.com) - The Australian stock market is advancing on Tuesday with modest gains following the mostly positive cues overnight from Wall Street amid the absence of any fresh developments in U.S.-China trade tensions.
Optimism about a potential second U.S.-North Korea summit also boosted stocks. Weakness in mining stocks was offset by gains in banks and oil stocks.
In late-morning trades, the benchmark S&P/ASX 200 Index is adding 4.50 points or 0.07 percent to 6,146.20, off a high of 6,158.00 earlier. The broader All Ordinaries Index is up 6.30 points or 0.10 percent to 6,256.00.
In the banking sector, Commonwealth Bank, National Australia Bank and ANZ Banking are higher in a range of 0.1 percent to 0.7 percent, while Westpac is down 0.2 percent.
Oil stocks are also mostly higher despite crude oil prices extending losses overnight to a fourth straight session. Oil Search is advancing more than 1 percent and Woodside Petroleum is adding 0.6 percent, while Santos is lower by 0.3 percent.
The major mining stocks are mostly lower. BHP Billiton is declining more than 1 percent and Rio Tinto is down 0.4 percent, while Fortescue Metals is adding 0.1 percent.
Among gold miners, Newcrest Mining is losing almost 1 percent and Evolution Mining is lower by more than 1 percent after gold prices declined overnight.
In economic news, Australia will see August numbers for the indexes for business conditions and confidence from NAB.
In the currency market, the Australian dollar is lower against the U.S. dollar on Tuesday. The local currency was quoted at $0.7107, down from $0.7113 on Monday.
On Wall Street, stocks closed mixed on Monday as traders seemed reluctant to make any significant moves amid a lack of major U.S. economic data. Traders also stayed on the sidelines amid lingering trade concerns after President Donald Trump ramped up trade tensions with China last Friday.
While the Dow edged down 59.47 points or 0.2 percent to 25,857.07, the Nasdaq rose 21.62 points or 0.3 percent to 7,924.16 and the S&P 500 inched up 5.45 points or 0.2 percent to 2,877.13.
The major European markets all closed higher on Monday. While the U.K.'sFTSE 100 Index closed just above the unchanged line, the German DAX Index edged up by 0.2 percent and the French CAC 40 Index rose by 0.3 percent.
Crude oil prices dropped on Monday, extending losses to a fourth straight session. WTI crude for October delivery ended down $0.20 or 0.3 percent at $67.55 a barrel on the New York Mercantile Exchange.
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