(RTTNews) - Asian stock markets are mostly lower on Tuesday following the weak cues overnight from Wall Street amid worries about the delay in the passage of a U.S. stimulus package and on speculation about further lockdown measures in Europe due to a surge in coronavirus cases.
The Australian market is extending losses to a fourth straight day following the weak cues from Wall Street. In addition, the fall in commodity prices weighed on resources stocks.
The benchmark S&P/ASX 200 Index is declining 29.80 points or 0.51 percent to 5,792.80, after falling to a low of 5772.30 earlier. The broader All Ordinaries Index is down 32.10 points or 0.53 percent to 5,981.40.
The major miners are weak. Fortescue Metals is tumbling almost 3 percent, Rio Tinto is losing almost 2 percent and BHP Group is declining more than 1 percent.
Gold miners are also declining after gold prices ended at near two-month lows overnight. Evolution Mining is lower by more than 3 percent and Newcrest Mining is losing more than 2 percent.
In the oil sector, Santos is declining more than 2 percent, while Woodside Petroleum and Oil Search are down more than 1 percent each after crude oil prices tumbled more than 4 percent overnight.
Among the big four banks, ANZ Banking, National Australia Bank, Westpac and Commonwealth Bank are down in a range of 1.0 percent to 1.9 percent.
Bucking the trend, tech stocks are higher. Appen is rising more than 2 percent, while WiseTech Global and Afterpay are advancing more than 1 percent each.
Elsewhere in Asia, South Korea is losing more than 2 percent and Indonesia is lower by more than 1 percent, while Shanghai, Singapore, Taiwan and Hong Kong are also lower. New Zealand and Malaysia are modestly higher. The Japanese market is closed for a holiday.
On Wall Street, stocks plunged sharply on Monday, but regained substantial portion of lost ground in the final hour. Worries about surging coronavirus cases in several countries across Europe sent stock prices crashing today. In addition, the death of Supreme Court Justice Ruth Bader Ginsburg weighed on the markets as it is feared a fight over the nomination of her replacement could lead to further delays in the passage of another coronavirus relief bill.
The Dow closed at 27,147.70, down 509.72 points or 1.84 percent. The S&P 500 ended down 38.41 points or 1.16 percent at 3,281.06 and the Nasdaq settled with a loss of 14.48 points or 0.13 percent at 10,778.80.
The major European markets ended sharply lower on Monday. The U.K.'s FTSE tumbled 3.4 percent, Germany's DAX slid 4.4 percent and France's CAC 40 dipped 3.7 percent.
Crude oil prices fell sharply on Monday amid worries about the outlook for energy demand due to rising coronavirus cases in Europe. WTI crude for October shed $1.80 or about 4.4 percent to settle at $39.31 a barrel.
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