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Australian Market Modestly Higher

The Australian stock market modestly higher on Tuesday, recouping some of the losses in the previous three sessions, with the benchmark S&P/ASX 200 just below the 6,500 level, despite the broadly negative cues from global markets overnight, with gains across most sectors as the market rebounds after the recent sell-off.

The benchmark S&P/ASX 200 Index is gaining 20.90 points or 0.32 percent to 6,490.30, after touching a high of 6,509.50 earlier. The broader All Ordinaries Index is up 22.90 points or 0.34 percent to 6,690.40. Australian stocks closed sharply lower on Monday.

Among the major miners, Rio Tinto and BHP Group are gaining more than 2 percent each, while Mineral Resources is adding more than 4 percent, OZ Minerals is up 1.5 percent and Fortescue Metals is advancing almost 4 percent.

Oil stocks are higher. Origin Energy is edging up 0.4 percent, Beach energy is gaining more than 1 percent, Santos adding almost 2 percent and Woodside Energy is advancing more than 2 percent each.

Among tech stocks, Xero is losing almost 1 percent, while Afterpay owner Block, WiseTech Global and Zip are edging down 0.4 to 0.5 percent each. Appen is gaining almost 1 percent.

Gold miners are mostly higher. Evolution Mining and Gold Road Resources are edging up 0.4 percent each, while Northern Star Resources is gaining almost 2 percent and Newcrest Mining is rising more than 2 percent. Resolute Mining is flat.

Among the big four banks, Commonwealth Bank, Westpac, National Australia Bank and ANZ Banking are edging down 0.1 to 0.3 percent each.

In the currency market, the Aussie dollar is trading at $0.649 on Tuesday.

On Wall Street, stocks fluctuated early in the session but moved notably lower over the course of the trading day on Monday. The major averages added to the steep losses posted last week, with the Dow and the S&P 500 falling to their lowest closing levels since late 2020.

The major averages all finished the day firmly in negative territory. The Dow tumbled 329.60 points or 1.1 percent to 29,260.81, the Nasdaq slid 65.00 points or 0.6 percent to 10,802.92 and the S&P 500 slumped 38.19 points or 1.0 percent to 3,655.04.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index ended the day little changed, the French CAC 40 Index dipped by 0.2 percent and the German DAX Index fell by 0.5 percent.

Crude oil prices tumbled to near nine-month lows on Monday, extending losses from the previous session amid rising concerns about the outlook for fuel demand due to increasing possibility of a global recession. West Texas Intermediate Crude oil futures for November ended lower by $2.03 or 2.6 percent at $76.71 a barrel.

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