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Australian Market Declines

The Australian stock market is declining on Wednesday following the weak cues overnight from Wall Street. Worries over higher inflation affecting valuations also weighed on the market.

The benchmark S&P/ASX 200 Index is losing 36.40 points or 0.53 percent to 6,802.80 and the broader All Ordinaries Index is lower by 36.10 points or 0.51 percent to 7,074.70. Australian markets recovered from a weak start to end notably higher on Tuesday.

In the tech space, Appen is falling almost 2 percent, Nanosonics is down nearly 4 percent, Afterpay is lower by more than 7 percent and WiseTech Global is losing more than 3 percent.

Gold miners are higher, with Evolution Mining adding more than 1 percent and Newcrest Mining gaining more than 4 percent.

Meanwhile, the major miners are notably higher, with BHP Group rising more than 3 percent, Fortescue Metals higher by 0.4 percent and Rio Tinto advancing nearly 2 percent.

Oil stocks are also higher, with Oil Search gaining more than 6 percent, while Woodside Petroleum and Santos are gaining nearly 6 percent each.

Among the big four banks, ANZ Banking and National Australia Bank are advancing more than 1 percent, while Commonwealth Bank and Westpac are gaining nearly 2 percent.

In economic news, the Australian Bureau of Statistics said that the total value of construction work done in Australia was unexpectedly down a seasonally adjusted 0.9 percent on quarter in the fourth quarter of 2020, coming in at A$51.171 billion. That missed expectations for a growth of 1.0 percent following the 2.6 percent decline in the previous three months.

On Wall Street, stocks showed a substantial recovery over the course of the trading day on Tuesday after moving sharply lower early in the session. The major averages climbed well off their early lows, with the Dow and the S&P 500 reaching positive territory.

The Dow plunged by more than 360 points in early trading but ended the day up 15.66 points or 0.1 percent at 31,537.35. The S&P 500 also inched up 4.87 points or 0.1 percent to 3,881.37 after tumbling by as much as 71 points. Meanwhile, the tech-heavy Nasdaq finished the session down 67.85 points or 0.5 percent at 13,465.20 but was well off the nearly one-month intraday low set in early trading.

The major European markets also finished the day mixed. While the German DAX Index fell by 0.6 percent, the French CAC 40 Index and the U.K.'s FTSE 100 Index both inched up by 0.2 percent.

Crude oil prices ended slightly lower on Tuesday after surging in the previous session. West Texas Intermediate Crude oil futures for April ended down $0.03 at $61.67 a barrel.

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