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Australian Market Advances

The Australian stock market is advancing on Tuesday following the record highs overnight on Wall Street amid continued optimism about the signing of the phase one U.S.-China trade deal and as the U.S. removed China from a list of currency manipulators.

The benchmark S&P/ASX 200 Index is adding 45.00 points or 0.65 percent to 6,948.70 and the broader All Ordinaries Index is up 45.90 points or 0.65 percent to 7,066.10. Australian stocks closed lower on Monday.

Among the major miners, Fortescue Metals and BHP are higher by more than 1 percent each, while Rio Tinto is adding 0.5 percent. South32 is rising more than 2 percent.

Steel producer BlueScope Steel is among the best performers on the stock exchange, gaining more than 3 percent.

In the banking space, Commonwealth Bank, ANZ Banking and National Australia Bank are advancing in a range of 0.5 percent to 0.7 percent, while Westpac Banking is edging up 0.1 percent.

In the tech sector, Appen is higher by more than 2 percent, while Xero and Wisetech Global are advancing more than 1 percent each.

Gold miners are weak after gold prices declined to a one-week low overnight. Evolution Mining is losing almost 2 percent and Newcrest Mining is lower by more than 1 percent.

Oil stocks are mixed after crude oil prices fell to a six-week low overnight. Oil Search is rising 1 percent and Woodside Petroleum is edging up 0.1 percent, while Santos is down 0.2 percent.

In the currency market, the Australian dollar is lower against the U.S. dollar on Tuesday. The local currency was quoted at $0.6900, down from $0.6915 on Monday.

On Wall Street, stocks closed at new record highs on Monday amid continued optimism about impact of the phase one U.S.-China trade deal due to be signed later this week. Chinese Vice Premier Liu He is scheduled to visit Washington to sign the deal. Stocks saw further upside after various media reports said the Treasury Department plans to drop its designation of China as a "currency manipulator" ahead of the signing of the deal.

While the Dow rose 83.28 points or 0.3 percent to 28,907.05, the Nasdaq jumped 95.07 points or 1 percent to 9,273.93 and the S&P 500 advanced 22.78 points or 0.7 percent to 3,288.13.

The major European markets turned in a mixed performance on Monday. The U.K.'s FTSE 100 Index rose by 0.4 percent, while the French CAC 40 Index closed just below the unchanged line and the German DAX Index dipped by 0.2 percent.

Crude oil prices declined sharply on Monday amid easing worries about U.S.-Iran tensions, resulting in the futures contract settling at their lowest level in about six weeks. WTI crude ended down $0.96 or about 1.6 percent to $58.08 a barrel, the lowest price since early December.

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