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Australian Market Rises

The Australian stock market is rising on Monday following the positive cues from Wall Street Friday after mixed U.S. jobs data for September reinforced expectations the Federal Reserve will continue cutting interest rates, while it also offset concerns about a potential recession. Investors are optimistic as they look ahead to the start of the next round of U.S.-China trade talks on Thursday.

The benchmark S&P/ASX 200 Index is adding 27.20 points or 0.42 percent to 6,544.30, after rising to a high of 6,557.20 earlier. The broader All Ordinaries Index is up 29.40 points or 0.44 percent to 6,666.30. Australian stocks closed higher on Friday.

Among the major miners, Fortescue Metals is rising almost 2 percent, Rio Tinto is higher by 0.6 percent and BHP Billiton is adding 0.4 percent.

Oil stocks also advanced after crude oil prices snapped an eight-session losing streak and closed higher on Friday. Woodside Petroleum is higher by more than 1 percent, Santos is rising 0.7 percent and Oil Search is adding 0.6 percent.

The big four banks - ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank - are up in a range of 0.4 percent to 0.9 percent.

MyState Ltd. has appointed Gary Dickson, the former CFO of ME Bank, as its interim CFO. Shares of the Tasmania-based lender are rising 0.4 percent.

Gold miner Evolution Mining is higher by almost 2 percent and Newcrest Mining is rising almost 1 percent even as gold prices edged lower on Friday.

Nine Entertainment Co. said it has acquired a 92.8 percent stake in Macquarie Media, allowing it to compulsorily buy the remaining shares and bring the radio network under its full ownership. However, Nine Entertainment's shares are declining more than 1 percent.

In economic news, the latest survey from the Australian Industry Group revealed that the construction sector in Australia continued to contract in September, and at a faster rate, with a seasonally adjusted Performance of Construction Index score of 42.6. That's down from 44.6 in August and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

In the currency market, the Australian dollar is higher against the U.S. dollar on Monday. The local currency was quoted at $0.6763, up from $0.6754 on Friday.

On Wall Street, stocks rallied on Friday following the release of a closely watched Labor Department report showing weaker than expected job growth in September, but an unexpected drop in the unemployment rate to a nearly 50-year low. The mixed data seemed to serve the dual purpose of reinforcing expectations the Federal Reserve will continue cutting interest rates while at the same offsetting concerns about a potential recession.

The Dow soared 372.68 points or 1.4 percent to 26,573.72, the Nasdaq surged up 110.21 points or 1.4 percent to 7,982.47 and the S&P 500 spiked 41.38 points or 1.4 percent to 2,952.01.

The major European markets also moved to the upside on Friday. While the U.K.'s FTSE 100 Index surged up by 1.1 percent, the French CAC 40 Index advanced by 0.9 percent and the German DAX Index climbed by 0.7 percent.

Crude oil prices snapped an eight-session losing streak and rose on Friday, after fairly decent monthly jobs data from the U.S. Labor Department eased concerns about growth in the world's largest economy and the outlook for energy demand. WTI crude for November ended up $0.36, or about 0.7 percent, at $52.81 a barrel.

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