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Australian Market Rises

The Australian stock market is rising on Wednesday, with investors shrugging off the mixed cues overnight from Wall Street after Bloomberg reported that despite the signing of a phase one trade deal between the U.S. and China later today, tariffs on billions of dollars of Chinese goods are likely to remain in place until after the U.S. elections in November.

The benchmark S&P/ASX 200 Index is adding 20.40 points or 0.29 percent to 6,892.60, off a record high of 6,983.90 earlier. The broader All Ordinaries Index is up 22.50 points or 0.32 percent to 7,100.50. Australian stocks hit record highs on Tuesday.

Gold miners are notably higher even as gold prices declined overnight. Evolution Mining is gaining more than 4 percent and Newcrest Mining is advancing more than 2 percent.

Shares of Resolute Mining are advancing more than 1 percent after the company said it signed a deal to sell its Ravenswood Gold Mine in Queensland to a private equity consortium for total proceeds of up to A$300 million.

In the tech sector, Xero is advancing 1 percent, Wisetech Global is adding 0.6 percent and Appen is higher by 0.2 percent.

In the banking space, Westpac Banking is rising 0.2 percent. Commonwealth Bank, ANZ Banking and National Australia Bank are all edging up 0.1 percent each.

Among the major miners, BHP is adding 0.2 percent and Fortescue Metals is edging up 0.1 percent, while Rio Tinto is declining 0.3 percent.

Oil stocks are also mostly higher after crude oil prices snapped a five-session losing streak and edged up overnight. Oil Search is higher by 0.6 percent and Santos is rising 0.2 percent, while Woodside Petroleum is down 0.2 percent.

In the currency market, the Australian dollar is lower against the U.S. dollar on Wednesday. The local currency was quoted at $0.6898, down from $0.6900 on Tuesday.

On Wall Street, stocks closed mixed on Tuesday in a lackluster session as traders seemed reluctant to make significant moves as they digested quarterly results from several big-name financial companies. Stocks saw some volatility in afternoon trading after a report from Bloomberg said tariffs on billions of dollars of Chinese goods are likely to remain in place until after the U.S. elections in November.

The Dow rose just 32.62 points or 0.1 percent at 28,939.67, while the Nasdaq slipped 22.60 points or 0.2 percent to 9,251.33 and the S&P 500 edged down 4.98 points or 0.2 percent to 3,283.15.

The major European markets ended a choppy session slightly higher on Tuesday. While the German DAX Index closed just above the unchanged line, the U.K.'s FTSE 100 Index and the French CAC 40 Index both inched up by 0.1 percent.

Crude oil futures ended higher on Tuesday, snapping a five-day losing streak, despite easing worries about geopolitical tensions. WTI crude for February ended up $0.15 or about 0.1 percent at $58.23 a barrel.

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