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Australian Market Declines

The Australian stock market is declining on Monday following the modest losses on Wall Street Friday after better-than-expected U.S. jobs data for the month of June dampened hopes of a near-term interest rate cut by the U.S. Federal Reserve. Gains by tech and oil stocks were more than offset by weakness in the mining and financial sectors.

The benchmark S&P/ASX 200 Index is losing 21.10 points or 0.31 percent to 6,727.80, after touching a low of 6,723.50 earlier. The broader All Ordinaries Index is down 25.50 points or 0.37 percent to 6,806.30. Australian stocks closed notably higher on Friday.

Among the major miners, BHP Group, Rio Tinto and Fortescue Metals are all declining almost 2 percent each.

The big four banks - ANZ Banking, National Australia Bank, Westpac and Commonwealth Bank - are lower in a range of 0.2 percent to 0.6 percent.

Gold miners are also weak after gold prices tumbled on Friday. Newcrest Mining is lower by almost 1 percent and Evolution Mining is declining 0.7 percent.

In the oil sector, Santos is rising 0.7 percent, Oil Search is adding 0.3 percent and Woodside Petroleum is up 0.2 percent following a modest increase in crude oil prices Friday.

Among tech stocks, WiseTech Global is advancing almost 1 percent and Afterpay Touch is rising 0.2 percent.

In economic news, Australia will see June numbers for job advertisements from ANZ today.

In the currency market, the Australian dollar is lower against the U.S dollar on Monday. The local currency was quoted at $0.6983, compared to $0.7017 on Friday.

On Wall Street, stocks closed modestly lower on Friday, recovering from sharp losses early in the session. The early pullback by stocks came following the release of a closely-watched Labor Department report showing a substantial reacceleration in the pace of U.S. job growth in the month of June. While the data points to a rebound in the labor market following the weakness seen in May, the report dampened investor hopes for a near-term interest rate cut by the Federal Reserve.

The Dow fell by more than 230 points at its lows of the session but ended the day down just 43.88 points or 0.2 percent at 26,922.12. The Nasdaq edged down 8.44 points or 0.1 percent to 8,161.79 and the S&P 500 dipped 5.41 points or 0.2 percent to 2,990.41.

The major European markets also moved to the downside on Friday. While the U.K.'s FTSE 100 Index slid by 0.7 percent, the French CAC 40 Index and the German DAX Index both fell by 0.5 percent.

Crude oil futures settled modestly higher on Friday as traders continued to weigh the commodity's near-term supply and demand prospects. WTI crude for August ended up $0.17 or 0.3 percent at $57.51 a barrel on the New York Mercantile Exchange.

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