Australian Market Little Changed

(RTTNews) - The Australian stock market is little changed on Wednesday following the mixed cues overnight from Wall Street amid concerns about the recent spike in coronavirus cases as well as continued uncertainty about the prospects for new U.S. fiscal stimulus.

The benchmark S&P/ASX 200 Index is down 2.30 points or 0.04 percent to 6,048.70, after touching a low of 6,020.20 earlier. The broader All Ordinaries Index is adding 5.20 points or 0.08 percent to 6,252.40. Australian stocks touched a three-month low on Tuesday.

In the banking space, National Australia Bank, Commonwealth Bank and Westpac are lower in a range of 0.8 percent to 1.0 percent, while ANZ Banking is losing more than 1 percent.

Oil stocks are also weak after crude oil prices fell to a three-week low overnight. Oil Search is declining more than 1 percent, while Santos and Woodside Petroleum are down almost 1 percent each.

Among the major miners, BHP Group and Rio Tinto are down 0.4 percent each, while Fortescue Metals is adding 0.3 percent.

Meanwhile, gold miners are higher after safe-haven gold prices rose overnight. Evolution Mining is rising more than 2 percent and Newcrest Mining is adding 0.6 percent.

In economic news, Australia is scheduled to release third-quarter figures for consumer prices today.

On Wall Street, stocks closed mixed on Tuesday amid concerns about the recent spike in coronavirus cases as well as continued uncertainty about the prospects for a new stimulus bill. Traders were also reacting to some mixed economic data, with separate reports showing a jump in durable goods orders and an unexpected dip in consumer confidence.

The Nasdaq climbed 72.41 points or 0.6 percent to 11,431.35, while the Dow slid 222.19 points or 0.8 percent to 27,463.19 and the S&P 500 fell 10.29 points or 0.3 percent to 3,390.68.

The major European markets moved to the downside on Tuesday. The French CAC 40 Index tumbled 1.8 percent, the U.K.'s FTSE 100 Index slumped 1.1 percent and the German DAX Index slid 0.9 percent.

Crude oil prices moved higher on Tuesday, lifted by reports about evacuation of over 150 offshore facilities along the U.S. Gulf Coast due to Hurricane Zeta. WTI crude for December ended higher by $1.01 or about 2.6 percent at $39.57 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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