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Australian Market Declines

The Australian stock market is declining on Monday despite the positive cues from Wall Street Friday as investors awaited further progress on a potential U.S.-China trade deal. On Saturday, Chinese state media said that the two sides had "constructive discussions" on trade in a high-level phone call.

The benchmark S&P/ASX 200 Index is lower by 42.80 points or 0.63 percent to 6,750.90, while the broader All Ordinaries Index is down 42.40 points or 0.61 percent to 6,856.50. Australian stocks closed higher on Friday.

In the banking space, ANZ Banking, Westpac, Commonwealth Bank and National Australia Bank are lower in a range of 0.2 percent to 0.8 percent.

National Australia Bank is seeking to raise A$1.4 billion through the issue of medium-term notes to bolster its capital ahead of a regulatory deadline.

Among gold miners, Evolution Mining and Newcrest Mining are declining more than 1 percent each after gold prices declined on Friday.

Meanwhile, the major miners are mostly higher. Rio Tinto is advancing 1 percent and BHP is adding 0.2 percent, while Fortescue Metals is down 0.2 percent.

Oil stocks are also mostly higher after crude oil prices rose Friday. Woodside Petroleum is rising 0.6 percent and Oil Search is adding 0.3 percent, while Santos is lower by almost 1 percent.

oOh!Media has rejected rumors it has hired Macquarie Capital to help find a private equity firm to back a management buyout and delist from the ASX, saying that the rumors are "without basis or fact". Shares of the outdoor advertiser are in a trading halt.

Appen has raised its earnings outlook for the full year and also reiterated a lowered outlook for annual recurring revenue from its Figure Eight machine learning software. The tech company's shares are gaining more than 9 percent.

In the currency market, the Australian dollar is lower against the U.S. dollar on Monday. The local currency was quoted at $0.6815, down from $0.6792 on Friday.

On Wall Street, stocks closed higher on Friday amid renewed optimism about a U.S.-China trade deal following comments from White House officials. Adding to the positive sentiment, China has lifted a nearly five-year ban on imports of U.S. poultry in a goodwill gesture that could lead to more than $1 billion in annual shipments to China. Traders also reacted positively to a report from the Commerce Department showing U.S. retail sales rebounded by slightly more than expected in the month of October.

The Dow jumped 222.93 points or 0.8 percent to 28,004.89, the Nasdaq climbed 61.81 points or 0.7 percent to 8,540.83 and the S&P 500 advanced 23.83 points or 0.8 percent to 3,120.46.

The major European markets also moved to the upside on Friday. The U.K.'s FTSE 100 Index inched up by 0.1 percent, the German DAX Index rose by 0.5 percent and the French CAC 40 Index climbed by 0.7 percent.

Crude oil prices rebounded after early weakness and ended sharply higher on Friday as renewed optimism about a potential U.S.-China trade deal and hopes the OPEC might decide to deepen their supply cuts in the coming year helped ease concerns about outlook for energy demand. WTI crude for December ended up $0.95 or about 1.7 percent at $57.72 a barrel.

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