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Australian Market Loses

The Australian stock market is losing on Friday following the negative cues from Wall Street as tech stocks resumed their decline and U.S. Senate Republicans failed to advance a new coronavirus stimulus bill.

The benchmark S&P/ASX 200 Index is losing 56.60 points or 0.96 percent to 5,851.90, after touching a low of 5836.20. The broader All Ordinaries Index is declining 58.60 points or 0.96 percent to 6,031.40.

Among the major miners, Fortescue Metals is lower by almost 3 percent, BHP Group is declining more than 1 percent and Rio Tinto is down 0.2 percent.

The Chief Executive of Rio Tinto, Jean-Sebastien Jacques, and two other executives have resigned following investor pressure over the destruction of the Juukan Gorge rockshelters in Western Australia. The Juukan rockshelters are Aboriginal sacred sites dating back 46,000 years.

Gold miners are weak even as gold prices rose for a third straight session overnight. Evolution Mining is losing almost 3 percent and Newcrest Mining is lower by almost 2 percent.

In the tech space, Afterpay and Appen are losing more than 2 percent each, while WiseTech Global is declining more than 1 percent.

In the oil sector, Oil Search is declining more than 2 percent, Santos is lower by almost 1 percent and Woodside Petroleum is down 0.7 percent after crude oil prices dropped overnight.

The big four banks - ANZ Banking, Commonwealth Bank, Westpac and National Australia Bank - are down in a range of 0.6 percent to 1.0 percent.

On Wall Street, stocks extended a significant rebound from the previous session early in the trading day on Thursday reflecting strength among tech stocks, but pulled back sharply over the course of the session. Potentially adding to the negative sentiment, Senate Republicans failed to advance a new coronavirus stimulus bill. On the U.S. economic front, the Labor Department released a report showing first-time claims for U.S. unemployment benefits unexpectedly came in unchanged in the week ended September 5.

The Dow tumbled 405.89 points or 1.5 percent to 27,534.58, the Nasdaq plummeted 221.97 points or 2 percent to 10,919.59 and the S&P 500 plunged 59.77 points or 1.8 percent to 3,339.19.

The major European markets all moved modestly lower on Thursday. While the French CAC 40 Index fell by 0.4 percent, the German DAX Index and the U.K.'s FTSE 100 Index both dipped by 0.2 percent.

Crude oil prices drifted lower on Thursday after data showed an increase in U.S. crude inventories in the week ended September 4. WTI crude for October delivery fell $0.75 or about 2 percent to $37.30 a barrel.

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