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Australian Market Extends Losses

The Australian stock market is extending losses on Tuesday from the previous session following the mixed cues overnight from Wall Street amid worries about rising interest rates and a slowing Chinese economy. Gold miners and banks are among the major losers.

In late-morning trades, the benchmark S&P/ASX 200 Index is losing 57.60 points or 0.94 percent to 6,042.70, while the broader All Ordinaries Index is down 59.50 points or 0.96 percent to 6,159.10. Australian shares fell the most in four weeks on Monday.

Gold miner Evolution Mining is down 0.4 percent and Newcrest Mining is lower by more than 1 percent as gold prices fell more than 1 percent overnight.

Oil stocks are also weak after crude oil prices ended flat. Santos and Woodside Petroleum is losing almost 1 percent each, while Oil Search is down more than 1 percent.

Among the big miners, BHP is down 0.1 percent and Rio Tinto is lower by 0.4 percent, while Fortescue Metals is advancing almost 1 percent after iron ore and copper prices firmed.

In the banking space, National Australia Bank and Westpac are declining by 0.5 percent and 0.2 percent respectively, while ANZ Banking is adding 0.2 percent.

Shares of Commonwealth Bank are down 0.6 percent after the lender said it will launch a remediation program for deceased estates after charging twelve accounts with unauthorized financial advice fees earlier this year.

Ramsay Health Care's French subsidiary has raised its takeover bid for European private hospital operator Capio by 20 percent to $1.28 billion. However, shares of Ramsay Health are losing more than 2 percent.

In the currency market, the Australian dollar is higher against the U.S. dollar on Tuesday, but remained at multi-year lows. The local currency was quoted at $0.7076, up from $0.7060 on Monday.

On Wall Street, stocks closed mixed on Monday in a volatile session as many traders remained away from their desks for the Columbus Day holiday. Traders also seemed reluctant to make significant moves, as the bond markets were closed along with banks and federal offices.

While the Dow rose 39.73 points or 0.2 percent to 26,486.78, the Nasdaq slid 52.50 points or 0.7 percent to 7,735.95 and the S&P 500 edged down 1.14 points or less than a tenth of a percent to 2,884.43.

The major European markets also showed significant moves to the downside on Monday. The German DAX Index plunged by 1.4 percent, while the U.K.'s FTSE 100 Index and the French CAC 40 Index slumped by 1.2 percent and 1.1 percent, respectively.

Crude oil futures declined sharply in early trading, but regained lost ground and ended flat on Monday. WTI crude closed at $74.29 a barrel on the New York Mercantile Exchange, down $0.05 from the previous close.

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