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Australian Market Extends Gains

The Australian stock market is extending gains on Tuesday from the previous session despite the modest losses overnight on Wall Street. Investors looked ahead to the resumption of trade talks on Thursday between U.S. and Chinese officials.

The benchmark S&P/ASX 200 Index is adding 25.50 points or 0.39 percent to 6,589.10, after rising to a high of 6,592.60 earlier. The broader All Ordinaries Index is up 23.40 points or 0.35 percent to 6,710.10. Australian stocks closed higher on Monday.

Oil stocks advanced even as crude oil prices edged lower on Monday. Santos is rising more than 2 percent, Woodside Petroleum is higher by 0.6 percent and Oil Search is adding 0.1 percent.

Among the major miners, Rio Tinto is higher by more than 1 percent and BHP Billiton is adding 0.4 percent, while Fortescue Metals is declining more than 1 percent.

The big four banks are mixed. National Australia Bank is adding 0.7 percent and Commonwealth Bank is rising 0.6 percent, while ANZ Banking and Westpac are edging down 0.1 percent each.

ANZ Banking has announced another A$559 million in second-half provisions for customer remediation and has now set aside A$1.10 billion of post-tax remediation provisions over the last two years.

Gold miner Evolution Mining is declining more than 1 percent and Newcrest Mining is lower by almost 1 percent after gold prices declined overnight.

Ansell said it will seek shareholder approval at its annual general meeting on November 14 for the on-market buyback of 26.4 million shares. The company plans to continue its share buyback program after failing to find takeover targets. The protective glove manufacturer's shares are rising almost 2 percent.

SeaLink Travel Group has agreed to acquire private bus firm Transit Systems Group in a deal that could be worth A$700 million. The ferry and cruise ship operator's shares are in a trading halt.

In economic news, Australia will see September results for job ads from ANZ and for the business confidence and conditions indexes from NAB.

In the currency market, the Australian dollar is lower against the U.S. dollar on Tuesday. The local currency was quoted at $0.6730, down from $0.6748 on Monday.

On Wall Street, stocks closed modestly lower in choppy trade on Monday as traders seemed reluctant to make significant moves ahead of the next round of high-level trade talks in Washington later this week. Ahead of the talks, scheduled to begin on Thursday, a report from Bloomberg News said Chinese officials are signaling they're increasingly reluctant to agree to the broad trade deal being pursued by President Donald Trump.

The Dow fell 95.70 points or 0.4 percent to 26,478.02, the Nasdaq dipped 26.18 points or 0.3 percent to 7,956.29 and the S&P 500 slid 13.22 points or 0.5 percent to 2,938.79.

The major European markets moved to the upside on Monday. While the German DAX Index advanced by 0.7 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index both rose by 0.6 percent.

Crude oil futures failed to hold early gains and ended slightly weak on Monday. WTI crude for November ended down $0.06 at $52.75 a barrel.

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