Australian Market Modestly Higher

The Australian stock market is modestly higher on Wednesday, snapping a four-session losing streak, with the benchmark S&P/ASX 200 staying above the 7,000 mark, following the broadly positive cues from global markets overnight, with a slight recovery in the markets after the two-day rout in the financial and technology sectors amid the collapse of US lender Silicon Valley Bank over the weekend.

Traders are also picking up stocks at a bargain after the recent losing streak.

The benchmark S&P/ASX 200 Index is gaining 24.00 points or 0.34 percent to 7,032.90, after touching a high of 7,066.50 earlier. The broader All Ordinaries Index is up 27.80 points or 0.39 percent to 7,228.90. Australian stocks ended sharply lower on Tuesday.

Among major miners, BHP Group and Mineral Resources are gaining almost 1 percent each, while Fortescue Metals and Rio Tinto are adding more than 1 percent each. OZ Minerals is edging down 0.1 percent.

Oil stocks are mostly lower. Woodside Energy is losing more than 1 percent, Santos is down almost 1 percent and Origin Energy is edging down 0.4 percent. Beach energy is edging up 0.2 percent.

In the tech space, Xero is gaining more than 2 percent, Zip is adding more than 1 percent, Afterpay owner Block is advancing almost 4 percent and WiseTech Global is up almost 2 percent, while Appen is losing more 1 percent.

Among the big four banks, National Australia Bank, Westpac and ANZ Banking are edging up 0.3 to 0.5 percent each, while Commonwealth Bank is edging down 0.3 percent.

Among gold miners, Newcrest Mining is losing almost 1 percent, Gold Road Resources is down 2.5 percent, Northern Star Resources is slipping almost 3 percent and Evolution Mining is declining more than 5 percent, while Resolute Mining is gaining almost 1 percent.

In the currency market, the Aussie dollar is trading at $0.668 on Wednesday.

On Wall Street, stocks rallied on Tuesday, bouncing back from recent losses, thanks to hectic bargain hunting, particularly in the banking sector. The assurance from the regulators that there won't be a relapse of the financial crisis from 15 years ago helped lift sentiment.

The major averages all ended on the positive side. The Dow ended with a gain of 336.26 points or 1.06 percent at 32,155.40, snapping a five-day losing streak. The S&P 500 climbed 64.80 points or 1.68 percent at 3,920.56, while the Nasdaq settled at 11,428.15, gaining 239.31 points or 2.14 percent.

The major European markets all also moved to the upside on the day. The U.K.'s FTSE 100 advanced 1.06 percent, Germany's DAX surged 1.75 percent, and France's CAC 40 climbed 1.82 percent.

Crude oil prices fell sharply to a nine-week low on Tuesday amid concerns a fresh financial crisis following the collapse of Silicon Valley Bank and Signature Bank could significantly hurt demand. West Texas Intermediate Crude oil futures for April sank $3.47 or 4.7 percent at $71.33 a barrel.

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