Australian Market Modestly Higher

(RTTNews) - The Australian stock market is modestly higher on Wednesday, recouping some of the losses in the previous two sessions, with the benchmark S&P/ASX 200 again moving above the 7,000 mark, despite the broadly negative cues from global markets overnight, lifted by strength in materials and energy stocks amid a rebound commodity prices.

The benchmark S&P/ASX 200 Index is gaining 45.40 points or 0.65 percent to 7,007.20, after touching a high of 7,013.20 earlier. The broader All Ordinaries Index is up 50.70 points or 0.70 percent to 7,249.90. Australian stocks ended sharply lower on Tuesday.

Among major miners, BHP Group and Fortescue Metals are gaining more than 2 percent each, while OZ Minerals is adding more than 1 percent, Mineral Resources is advancing almost 3 percent and Rio Tinto is edging up 0.3 percent.

Oil stocks are higher. Santos is gaining more than 1 percent and Woodside Energy is advancing almost 3 percent, while Beach energy and Origin Energy are adding almost 2 percent each.

In the tech space, Xero is edging up 0.5 percent, Zip is adding more than 1 percent and WiseTech Global is soaring almost 10 percent, while Afterpay owner Block is losing almost 2 percent and Appen is edging down 0.2 percent.

Among the big four banks, ANZ Banking and Commonwealth Bank are gaining almost 1 percent each, while National Australia Bank and Westpac are edging up 0.2 to 0.5 percent each. Among gold miners, Resolute Mining is losing almost 2 percent, Evolution Mining is edging down 0.4 percent, Northern Star Resources is slipping more than 1 percent and Newcrest Mining is down almost 1 percent. Gold Road Resources is gaining more than 1 percent.

In the currency market, the Aussie dollar is trading at $0.690 on Wednesday.

On Wall Street, stocks closed lower on Tuesday, losing ground for a third straight session, as worries about economic slowdown and tighter monetary policy weighed on sentiment. Data showing U.S. business activity dropping for a second straight month and at the fastest pace since May 2020 also weighed.

Among the major averages, the Dow ended down 154.02 points or 0.47 percent at 32,909.59 and the S&P 500 settled lower by 9.26 points or 0.22 percent at 4,128.73. The Nasdaq outperformed and ended flat at 12,381.30, less than 0.3 points down from the previous close.

Meanwhile, the major European markets all moved to the downside on the day. The U.K.'s FTSE 100 drifted down 0.61 percent, Germany's DAX and France's CAC 40 dropped 0.27 percent and 0.26 percent, respectively.

Crude oil prices rose sharply on Tuesday with traders weighing the prospects of OPEC and allies cutting output to support prices in the event of Iranian crude entering the market. West Texas Intermediate Crude oil futures for September jumped $3.38 or 3.7 percent at $93.74 a barrel.