Australian Markets Modestly Lower

(RTTNews) - The Australian stock market is modestly lower on Tuesday, extending the losses in the previous session, following the broadly negative cues from Wall Street overnight. The benchmark S&P/ASX 200 index is falling to near the 9,050 mark, with weakness in technology and financial stocks partially offset by gains in gold miners and energy stocks.

The benchmark S&P/ASX 200 Index is losing 24.40 points or 0.27 percent to 9,051.60, after hitting a low of 9,025.00 earlier. The broader All Ordinaries Index is down 29.10 points or 0.31 percent to 9,242.30. Australian stocks closed modestly lower on Monday.

Among the major miners, Rio Tinto, Fortescue and BHP Group are edging up 0.2 percent each, while Mineral Resources is edging down 0.3 percent.

Oil stocks are mostly higher. Beach energy, Origin Energy, Santos and Woodside Energy are gaining almost 1 percent each.

Among tech stocks, Afterpay owner Block is losing almost 2 percent and Xero is edging down 0.2 percent, while WiseTech Global, Appen and Zip are down more than 1 percent each.

Gold miners are mostly higher. Evolution Mining is edging up 0.2 percent, Genesis Minerals is advancing almost 2 percent, Resolute Mining is advancing more than 4 percent and Northern Star Resources is gaining almost 1 percent, while Newmont is losing almost 1 percent.

Among the big four banks, ANZ Banking is edging up 0.2 percent, while National Australia Bank, Commonwealth Bank and Westpac are edging down 0.1 to 0.4 percent each.

In economic news, the manufacturing sector in Australia continued to expand at a steady pace, the latest survey from S&P Global revealed on Tuesday with a manufacturing PMI score of 52.0, the highest level since January. That was unchanged from the July reading and it remains above the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the Aussie dollar is trading at $0.718 on Tuesday.

On Wall Street, stocks moved mostly lower during trading on Monday, extending the pullback seen over the course of last Friday's session. The major averages regained some ground in the latter part of the trading day but still closed in negative territory.

The Dow slid 374.09 points or 0.7 percent to 53,185.90, while the S&P 500 fell 25.62 points or 0.3 percent to 7,686.14. The tech-heavy Nasdaq posted a more modest loss, edging down 31.53 points or 0.1 percent to 26,370.89.

The major European markets also moved mostly lower on the day, with the U.K. markets closed for a bank holiday. While the German DAX Index slumped 1.2 percent, the French CAC 40 Index slid 0.8 percent.

Crude oil prices jumped on Monday as the U.S. recommenced attacks on Iran, stoking concerns of a broader re-escalation in the gulf. West Texas Intermediate crude for October delivery was up $2.24 or 2.69 percent at $85.64 per barrel.