(RTTNews.com) - The Australian stock market is notably lower on Monday with stocks lower across the board, despite the positive cues from Wall Street on Friday and a rebound in commodity prices. Lingering worries about U.S.-China trade tensions and global economic growth weighed on sentiment.
In late-morning trades, the benchmark S&P/ASX 200 Index is declining 66.20 points or 1.12 percent to 5,829.50, off a low of 5,828.60 earlier. The broader All Ordinaries Index is down 64.10 points or 1.07 percent to 5,942.50. Australian stocks recovered from a weak start to finish modestly higher on Friday.
Among the big miners, Fortescue Metals is losing more than 2 percent, BHP is declining almost 2 percent and Rio Tinto is lower by more than 1 percent despite rising copper and iron ore prices.
Atlas Iron has named Sanjiv Manchanda as chief executive, replacing Cliff Lawrenson, and also appointed Spiro Pappas as its chairman. Shares of Atlas Iron are unchanged.
Gold miners Evolution Mining is lower by more than 2 percent and Newcrest Mining is down more than 1 percent after gold prices declined 0.5 percent Friday.
The big four banks - ANZ Banking, Commonwealth Bank, National Australia Bank and Westpac - are lower in a range of 1.4 percent to 1.9 percent.
Commonwealth Bank has made permanent the appointment of Alan Docherty, who has been acting chief financial officer since May, as the company's chief financial officer.
Oil stocks are also mostly weak despite higher crude oil prices. Santos is advancing more than 1 percent, Oil search is lower by 0.2 percent and Woodside Petroleum is edging down 0.1 percent.
Coles' comparable supermarket sales rose 5.1 percent in the first quarter, compared to a 0.3 percent increase in the year-ago period. Shares of Coles' parent company Wesfarmers are down 0.3 percent.
In the currency market, the Australian dollar is lower against the U.S. dollar on Monday. The local currency was quoted at $0.7107, up from $0.7126 on Friday.
On Wall Street, stocks closed significantly higher on Friday, regaining some ground following a two-day sell-off. Bargain hunting and strong Chinese trade data that eased concerns over slowing global growth contributed to the rebound.
While the Nasdaq soared 167.83 points or 2.3 percent to 7,496.89, the Dow jumped 287.16 points or 1.2 percent to 25,339.99 and the S&P 500 surged up 38.76 points or 1.4 percent to 2,767.13.
Meanwhile, the major European markets closed lower over on Friday. While the German DAX Index edged down by 0.1 percent, the U.K.'sFTSE 100 Index and the French CAC 40 Index both dipped by 0.2 percent.
Crude oil prices rose on Friday, although overall gains remained modest on worries over rising inventories after the IEA, the IMF and OPEC all cut their forecasts of oil demand growth. WTI crude futures for November added $0.37 or 0.5 percent to close at $71.34 a barrel on the New York Mercantile Exchange.
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