Markets

Australian Market Declines

(RTTNews) - The Australian stock market is declining on Monday, extending losses from Friday, following the negative cues from Wall Street and on worries about the final outcome of Brexit after the British parliament delayed a vote on Prime Minister Boris Johnson's new Brexit deal.

The benchmark S&P/ASX 200 Index is losing 16.60 points or 0.25 percent to 6,633.10, after touching a low of 6,612.40 earlier. The broader All Ordinaries Index is down 18.80 points or 0.28 percent to 6,739.60. Australian stocks closed lower on Friday.

Oil stocks are weak after crude oil prices closed lower on Friday. Santos is losing more than 1 percent, Woodside Petroleum is lower by almost 1 percent and Oil Search is down 0.2 percent.

In the banking space, ANZ Banking, Commonwealth Bank and Westpac are down in a range of 0.1 percent to 0.2 percent, while National Australia Bank is edging up 0.1 percent.

Meanwhile, the major miners are higher. Fortescue Metals is advancing more than 1 percent, BHP Billiton is adding 0.4 percent and Rio Tinto is up 0.2 percent.

Gold miner Newcrest Mining is rising 0.2 percent, while Evolution Mining is lower by 0.2 percent after gold prices declined on Friday.

Shares of Wisetech Global, which were earlier in a trading halt, are falling more than 12 percent after a U.S.-based short seller J Capital made further allegations against the logistics software company, saying that the company's several acquisitions in recent year were poorly integrated. Wisetech has rejected the allegations.

Treasury Wine Estates said its chief executive Michael Clarke will retire next year and be replaced by chief operating officer Tim Ford. Shares of the company are losing more than 10 percent.

Seven West Media has agreed to sell its Pacific magazines, including Men's Health, New Idea, and Marie Claire, to Germany's Bauer Media for A$40 million by the end of calendar year 2019. The company's shares are rising almost 10 percent.

In the currency market, the Australian dollar is higher against the U.S. dollar on Monday. The local currency was quoted at $0.6846, up from $0.6831 on Friday.

On Wall Street, stocks closed lower on Friday, partly reflecting concerns about the global economic outlook after data showed that China's economy grew at the slowest rate in nearly three decades in the third quarter. Lingering uncertainty about a possible U.S.-China trade deal and questions about the Brexit deal getting through parliament also weighed on the markets.

The Dow ended the day down 255.68 points or 1 percent at 26,770.20, the Nasdaq slid 67.31 points or 0.8 percent to 8,089.54, and the S&P 500 fell 11.75 points or 0.4 percent to 2,986.20.

The major European markets also moved to the downside on Friday. The French CAC 40 Index slid by 0.7 percent, the U.K.'s FTSE 100 Index fell by 0.4 percent and the German DAX Index dipped by 0.2 percent.

Crude oil futures settled lower on Friday as disappointing GDP data from China added to concerns about outlook for energy demand. WTI crude for November ended down $0.15 or about 0.3 percent at $53.78 a barrel.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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