The Australian stock market is edging higher on Monday after a weak start following the sharp losses on Wall Street Friday and following weak earnings results from Westpac. investors also remained cautious amid worries about the recent spike in coronavirus cases and uncertainty about Tuesday's U.S. presidential election.
The benchmark S&P/ASX 200 Index is adding 10.00 points or 0.17 percent to 5,937.60, after touching a low of 5,904.10 earlier. The broader All Ordinaries Index is up 2.80 points or 0.05 percent to 6,136.00. Australian stocks closed lower on Friday.
Among the major miners, Rio Tinto and BHP Group are adding 0.4 percent each, while Fortescue Metals is declining more than 1 percent.
Among gold miners, Newcrest Mining is advancing more than 1 percent and Evolution Mining is adding 0.3 percent.
In the banking space, ANZ Banking is rising almost 2 percent and National Australia Bank is higher by almost 1 percent, while Commonwealth Bank is declining almost 1 percent.
Westpac reported a 62 percent fall in full-year cash earnings that reflects a record fine for breaching anti-money laundering laws, and also cut its annual dividend. Westpac's shares are lower by almost 2 percent.
Shares of AMP Ltd. are gaining almost 8 percent after the wealth manager said that a preliminary takeover bid it received from U.S. private equity firm Ares Management Corp. values the company at A$6.4 billion.
Oil stocks are mostly lower as crude oil prices extended losses on Friday. Santos is lower by more than 1 percent and Oil Search is declining almost 1 percent, while Woodside Petroleum is adding 0.3 percent.
In economic news, the latest survey from the Australian Industry Group showed that the manufacturing sector in Australia climbed into expansion in October, with a Performance of Manufacturing Index score of 56.3. That's up from 46.7 and it moves above the boom-or-bust line of 50 that separates expansion from contraction.
The latest survey from IHS Markit revealed that the manufacturing sector in Australia continued to expand in October, albeit at a slower pace, with a manufacturing PMI score of 54.2. That's down from 55.4 in September, although it remains above the boom-or-bust line of 50 that separates expansion from contraction.
On Wall Street, stocks closed sharply lower on Friday, partly reflecting a negative reaction to earnings news from a number of big-name tech companies. Lingering concerns about the recent spike in coronavirus cases also weighed on Wall Street along with uncertainty about next week's presidential election. Meanwhile, traders shrugged off some upbeat economic data, with a report from the Commerce Department showing personal income rebounded by more than anticipated in the month of September.
While the Nasdaq plunged 274.00 points or 2.5 percent to 10,911.59, the S&P 500 tumbled 40.15 points or 1.2 percent to 3,269.96 and the narrower Dow fell 157.51 points or 0.6 percent to 26,501.60.
The major European turned in a mixed performance on Friday. While the French CAC 40 Index climbed by 0.5 percent, the U.K.'s FTSE 100 Index edged down by 0.1 percent and the German DAX Index fell by 0.4 percent.
Crude oil prices moved to the downside during trading on Friday, extending the steep drop seen over the two previous sessions. WTI crude for December delivery fell $0.38 to a five-month low of $35.79 a barrel.
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