The Australian stock market is showing a modest rebound on Tuesday, recovering some of the significant losses from the previous two sessions, despite the broadly negative cues from global markets overnight. The S&P/ASX 200 index remains well below the 7,600 mark. Gains in some iron ore mining and technology stocks are observed as traders cautiously anticipate the Reserve Bank of Australia's monetary policy decisions for July.
The S&P/ASX 200 is currently up 20.70 points or 0.27 percent, standing at 7,670.30 after an early peak of 7,673.30. Meanwhile, the broader All Ordinaries index has risen by 23.50 points or 0.30 percent, reaching 7,882.90. Australian stocks had closed sharply lower on Monday.
In the mining sector, notable companies like BHP Group, Fortescue Metals, Mineral Resources, and Rio Tinto are experiencing slight gains of 0.3 to 0.5 percent.
Oil stocks are predominantly lower, with Woodside Energy declining almost 3 percent and Beach Energy falling nearly 1 percent. However, Santos is inching up by 0.4 percent, and Origin Energy remains flat.
Technology stocks present a mixed picture. Appen is up more than 3 percent, Zip has added almost 3 percent, and Block, the owner of Afterpay, is up by 0.1 percent. Conversely, WiseTech Global has decreased by 0.2 percent, while Xero remains unchanged.
Gold miners are mostly experiencing losses. Gold Road Resources is down almost 3 percent, Northern Star Resources nearly 2 percent, Evolution Mining more than 2 percent, and Newmont almost 4 percent. In contrast, Resolute Mining is up by nearly 1 percent.
Regarding the banking sector, the Commonwealth Bank has increased by more than 1 percent, and National Australia Bank is up by 0.3 percent. However, Westpac and ANZ Banking have both edged down by 0.1 to 0.2 percent.
On the currency front, the Australian dollar is trading at $0.654 on Tuesday.
Turning to Wall Street, stocks plummeted further on Monday, extending the previous week's downward trend. The major indices all posted significant declines, with the Nasdaq and S&P 500 reaching their lowest levels in three months.
The Nasdaq dropped 576.08 points or 3.4 percent to 16,200.08, the S&P 500 fell by 160.23 points or 3.0 percent to 5,186.33, and the Dow decreased by 1,033.99 points or 2.6 percent to 38,703.27.
European markets also saw substantial declines. The FTSE 100 Index in the U.K. tumbled by 2.0 percent, while Germany's DAX Index and France's CAC 40 Index fell by 1.8 percent and 1.4 percent, respectively.
Crude oil prices declined on Monday due to concerns over demand amid fears of a potential U.S. recession. West Texas Intermediate Crude oil futures for September slipped by $0.58 or 0.7 percent, settling at $72.94 per barrel.
