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Australian Market Modestly Higher

The Australian stock market modestly higher on Tuesday, recouping the losses in the previous session, with the benchmark S&P/ASX 200 staying below the 7,200 level, despite the broadly negative cues from global markets overnight, led by gains in mining and energy stocks amid firmer commodity prices.

Traders also await the RBA Governor Philip Lowe's speech later in the day for clues on the outlook for domestic monetary policy.

The benchmark S&P/ASX 200 Index is gaining 35.60 points or 0.50 percent to 7,174.90, after touching a high of 7,184.00 earlier. The broader All Ordinaries Index is up 33.10 points or 0.45 percent to 7,368.30. Australian stocks closed modestly lower on Monday.

Among the major miners, Rio Tinto and BHP Group are gaining almost 1 percent each, while Mineral Resources is adding more than 2 percent. Fortescue Metals is losing almost 1 percent and OZ Minerals is flat.

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

Among tech stocks, Afterpay owner Block and Appen are losing almost 4 percent each, while Xero is edging up 0.4 percent and WiseTech Global is adding almost 1 percent. Zip is declining 2.5 percent.

Gold miners are mostly higher. Northern Star Resources and Newcrest Mining are edging up 0.1 to 0.3 percent each, while Resolute Mining is advancing almost 3 percent. Evolution Mining is edging down 0.2 percent and Gold Road Resources is flat.

Among the big four banks, Commonwealth Bank and National Australia Bank are gaining almost 1 percent each, while Westpac is edging up 0.3 percent. ANZ Banking is edging down 0.1 percent.

In the currency market, the Aussie dollar is trading at $0.662 on Tuesday.

On Wall Street, stocks moved back to the downside during trading on Monday after ending last Friday's choppy session mostly higher, stocks. The tech-heavy Nasdaq showed a particularly steep drop after ending the preceding session little changed.

The major averages all finished the day in negative territory, although the Dow posted a relatively modest loss, edging down 45.41 points or 0.1 percent to 33,700.28. The Nasdaq tumbled 121.55 points or 1.1 percent at 11,024.51 and the S&P 500 slid 15.40 points or 0.4 percent to 3,949.94.

The major European markets also moved to the downside on the day. While the U.K.'s FTSE 100 Index edged down by 0.1 percent, the French CAC 40 Index dipped by 0.2 percent and the German DAX Index slid by 0.4 percent.

Crude oil prices fell to a ten-month low on Monday but regained some lost ground and ended the day's session modestly lower. Worries about the outlook for demand from China contributed to the early slump by oil prices following a surge in Covid-19 cases in the country. West Texas Intermediate Crude oil futures ended lower by $0.35 or about 0.4 percent at $79.73 a barrel, off a low of $75.08 a barrel.

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